The numbers for the month of July are in and they show two clear trends in the local real estate market, according to the latest in-depth market report from Royal LePage’s Locations North.
The month saw drops in both volume and unit sales, yet average sale prices have increased throughout the area. There has been a 21% drop in the year-to-date sales volume compared to this time in 2021. Sales volume for the month of July alone was down an incredible 51% from last year. And yet the record year-to-date average sale price of $1,023,034 is up 21% from last July.
There is good news for buyers, as supply is finally greater than demand.
New listings in July were up 32% from one year ago. With more of a selection to choose from and 7 months of inventory, there aren’t quite the same pressures on buyers that we’ve seen in recent memory, though of course interest rate hikes and inflation remain ongoing concerns.
Trending towards balance
The market finally seems to be transitioning towards balance. Homes are taking a bit longer to sell too, with an average 26 days on the market in July—that’s up 4 days since this time last year. Both unit and volume sales are down from 2021 so far.
The July average sale price was $865,538. It should be noted that year-to-date sales were only up in the three most expensive categories. Sales were up 7% in the $1M-$1.499M price range, up 4% in the $1.5M-$1.999M price range and up 26% in the $2M+ category.
The decline in Southern Georgian Bay sales was first noted in May of this year and it has continued. Keep in mind, however, that even though year-to-date sales were down 21% overall, 2022 is still the second-best ever. Clearly the year-to-date average sale price, at over a million dollars, is continuing to do well.
So far this year, sales by property type have been down across all three categories in dollar sales, unit sales and average days-on-market. The average sale price, however, is up across all three. For single-family homes the average sale price was $1,128,940 with an average of 18 days on the market. For condominiums that figure was $631,079 and 23 days on the market and for townhouses $792,122 and an average of 15 days on the market.
We’ll continue to watch the market and its attempts to even out. With September around the corner, it will be interesting to see what further changes the Fall market brings.
No one sells more luxury real estate throughout South Georgian Bay than the REALTORS® at Locations North, with offices in Collingwood, Thornbury, Creemore, Craigleith, Meaford, Wasaga Beach and Stayner. View their listings here.