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September market report: Demand for listings continues to outstrip supply

Southern Georgian Bay still very much a hot seller’s market
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Southern Georgian Bay is one of the areas people flock to so they can take in the Fall colours, because the scenery is just so spectacular. But what did September mean for residents and the local real estate market?

The third quarter of the year certainly saw strong volume sales. While the number of units sold was down, the average sales price was up—way up. The September sales volume, meanwhile, was down eight per cent from this time a year ago and new listings were also down: 29 per cent during that same period.

Those who own property in the area will be buoyed by the average sale price, a record-setting, year-to-date figure of $860,661, an increase of 32 per cent. The September average sale price actually surpassed that, to an incredible $909,059 for the month.

Sales are up across most brackets, but activity was definitely highest in the $800K-999K and $2M+ ranges. Properties in the $1M to $1.499M and $1.5M to $1.999M ranges also fared well and were in high demand.

What these numbers tell us is that the demand for listings is clearly still greater than the available supply, according to the latest market report from Royal LePage’s Locations North. In September, for example, the Southern Georgian Bay market had an impressive 100 per cent sale/list price ratio. Homes sold in just 25 days on average, down eight days from just a year ago.

Overall, August and September were quite strong in terms of volume sales; it’s fair to say they rebounded nicely after a bit of a lull in July. All property types seem to be benefiting from this: single-family homes, condos and townhomes. The demand for vacant land has absolutely skyrocketed, with many buyers eager to build. Dollar sales were up an amazing 176 per cent from 2020 and the average sale price for vacant land was $531,555, up 98 per cent from the same period.

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.