The month of October saw the Southern Georgian Bay region hit an impressive milestone: it had its first-ever $2 billion sales year.
The record year-to-date sales volume of over $2 billion is up 30 per cent from 2020. The month of October alone saw a sales volume of over $201 million.
While the overall number of listings is down, the average sale price has increased, more than making up for the difference. That average sale price is a record year-to-date figure in itself, at $869,368. Keep in mind that this is an increase of 31 per cent over last year’s number, which was just $661,363. That’s an awful lot of growth in a relatively short time period.
The October average sale price, it is worth noting, is even higher, at $958,732, just shy of breaking the million-dollar benchmark.
Demand for homes was up 100 percent in the $800-$999K category and 142 per cent in the $2M+ range. In 2021, unit sales were up in 5 of 7 price ranges.
What does this mean? Well, it’s more of the same for buyers: the demand for listings far outstrips the supply. There is currently just one month of inventory available, so it is still, without question, a seller’s market.
The average days-on-market has been shrinking too. For October, it was just 21 days.
The region should be on track to finish the year at $2.2 billion in sales, according to the latest market report from Royal LePage’s Locations North. Believe it or not, it was just in 2016 when Southern Georgian Bay hit the $1 billion mark. With such accelerated growth, it has definitely been a great ride for regional homeowners in recent years.
The clear majority of sales this past October were single-family homes, followed by condominiums and townhomes. The average sale price of a single-family home is up 32 per cent from 2020. Condominiums saw an increase of 26 per cent in that same period and townhomes increased by 42 per cent.
In short, that means there have been huge gains across the board, both generally and relative to inflation. Clearly October was a banner month for real estate throughout Southern Georgian Bay. Will November and December break records of their own? Stay tuned.
The REALTORS® at Locations North are the experts in luxury real estate properties throughout South Georgian Bay, with offices in Collingwood, Thornbury, Creemore, Craigleith, Meaford, Wasaga Beach and Stayner. View their listings.