The region’s real estate market is still smoking hot and smashing monthly and yearly sales records.
Last month saw home sales valued at $313.4 million for the South Georgian Bay region, which is a whopping 85 per cent increase compared to November 2019, according to a news release from the Southern Georgian Bay Association of Realtors.
Not only has the dollar value increased, the number of homes sold is also up significantly with 417 homes sold in the region in November 2020, which is a 32 per cent increase compared to November 2019.
Another new trend tracked in November by the local realtor’s association is a near-even increase in sales in both the western and eastern half of the region.
The western portion, which includes Wasaga Beach, Clearview, Collingwood, The Blue Mountains, Meaford, and Grey Highlands saw 215 units sold in November 2020, a 32 per cent increase over the same month in 2019.
In the east (Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay, there were 202 homes sold last month, an increase of 32 per cent over November 2019.
In both halves of the region, last month’s sales broke records going back three decades.
“Home sales rose above 200 in November for the first time in history in both the western and eastern regions,” said Mike Scholte, president of the realtors association, in a news release.
But the boom in sales is not being matched with supply. Locally, listings and supply levels are at record lows with, “little room left to fall any further,” said Scholte.
Low supply combined with unprecedented demand is “keeping the market well inside seller’s territory,” he added.
The number of listings available at the end of last month was down by 65 per cent compared to November 2019.
There were 372 new listings in November and 445 total listings in Southern Georgian Bay by the end of November.
According to the association, this is the first time in at least 30 years the number of active listings for the region has been below 500.
The price of homes in the region is also increasing with the benchmark price for a single-family home at $517,200 for the Southern Georgian Bay region.
A benchmark is the sale price predicted for a certain area.
“Led by very strong gains in the single-family segment, price levels continue to rise to new record highs,” said Scholte.
The single-family home benchmark price has increased more than 23 per cent year-over-year.
The Southern Georgian Bay Association of Realtors note the benchmark price for a townhouse in the region is $416,400 and rising and an apartment unit is $368,300 and rising.
