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June Market Report: The market is finally trending towards balance in Southern Georgian Bay

Average sale prices still up, while volume and unit sales are down from 2021

To recap the month of June in Southern Georgian Bay real estate, let’s start with another record that has been set.

It’s the year-to-date average sale price in the region at $1,039,350. This figure is up 23% from last year, when it was $841,700.

The number of new listings in June, at 407, is up 9% from this time last year.

Other figures, however, were down. These include the sales volume for the month, which dipped 44% from June 2021, and units, which decreased 53% from that same period.

The demand for listings is equal to the supply and it’s a situation that has not been seen in some time, according to the latest in-depth market report from Royal LePage’s Locations North.

Homes are indeed taking a bit longer to sell as well, spending an average of 24 days on the market last month; that’s up 8 days when compared to this time last year. Another indicator of a bit more balance being restored is the sale/list price ratio, which was 97.3% for the region in June.

The average sale price for a property in the month of June was $977,697, an increase of 19%. Year-to-date sales last month were strongest in the three most expensive categories of $1M-$1.499M (up 9%), $1.5M-$1.999M (up 7%) and $2M+ (up 55%).

Clearly the decline that was first noted in sales in Southern Georgian Bay back in May continued into June. Bright spots include the big boost in listings, which saw June with five months’ worth of inventory; consider, by contrast, that there was just one month’s worth of inventory available as recently as March of this year.

The average sale price of single-family homes so far in 2022 is $1,149,362, which is up 24% from 2021. For condominiums, this number is $638,241, which marks an increase of 14% since last year. For townhouses this figure was $825,621, an increase of 19%.

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.