Sales did slow throughout South Georgian Bay in July, but the market is still relatively strong, according to the latest market report from Royal LePage’s Locations North.
Average sales prices are way up and it’s hard to imagine that changing anytime soon.
The July sales volume was down 37% from July of 2020. Available units were down 50% and new listings fell 32% from a year ago. Houses are selling faster though, with the average number of days on the market down to 19. And perhaps the best news? The area reported a record year-to-date average sale price of $845,665—that’s up 35% from July 2020.
What we can glean from these numbers is that the demand for listings is still greater than the supply. This is great news for those who are looking to sell, though it does make the buyer’s job a little more challenging.
The market in Southern Georgian Bay had a sale-to-list-price ratio of 100.9% and there is now two months’ worth of inventory available. The sales/listings ratio in July was a strong 74%.
Year-to-date volume sales are up an impressive 71%. The July average sales price was up a sizeable 25% and that year-to-date figure is up 35%.
It is generally agreed that the stratospheric heights experienced by the Southern Georgian Bay market earlier on in the summer of last year were simply just not sustainable. That doesn’t mean the market has lost momentum, however. There’s still a great deal of interest and demand out there, as residents from all over the province, and beyond, realize the opportunities available to them here.
Even though the numbers have dipped slightly, this was still the second-best July ever on record. The all-time regional record was set last July, just a few months into the pandemic.
The price ranges that are seeing the greatest growth include $800K-$999K, $1M-$1.499M and $2M+. There have been far fewer sales in the under-$500K bracket.
The average sales price for single-family homes, condos and towns, and vacant land is up, while the days on market average is down across the board—all good news for sellers indeed.
With Fall quickly approaching, it will be interesting to see what changes, if any, lie ahead for the region. Stay tuned.
With offices in Collingwood, Thornbury, Creemore, Craigleith, Meaford, Wasaga Beach and Stayner, the REALTORS® at Locations North are the experts in luxury real estate properties throughout South Georgian Bay. View their listings.