Home sales in the region are still breaking records.
According to a press release issued by the Southern Georgian Bay Association of Realtors, October 2020 now holds the highest sales record ever for the month of October.
“Georgian Bay market activity continued to outperform expectations in October, setting records for key market metrics.” said the association’s president Mike Scholte, in the news release.
Based on stats compiled from the MLS system, there were 601 homes sold in Southern Georgian Bay last month, bringing the year-to-date total to 4,647 homes sold in 2020.
It’s also an increase of 47.4 per cent over sales in October 2019.
In the western half of the region (Collingwood, Wasaga Beach, Clearview, The Blue Mountains, Meaford, and Grey Highlands) sales were up by 62 per cent in October 2020 compared to October 2019. There were 332 homes sold within those six municipalities last month.
Year-to-date, there have been 2,431 homes sold in the western region in 2020 so far, which is up by 25 per cent compared to 2019.
In the eastern half of the region (Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay) sales are up by 32 per cent with 269 homes sold in October 2020.
There have been 2,216 homes sold in the eastern half of the region this year, which is up by 28 per cent compared to 2019.
Dollar value is up also with the benchmark price for single-family homes now at $513,700, which is an increase of 21 per cent from last year.
A benchmark is the sale price predicted for a certain area.
The benchmark price for a townhouse/row unit is $418,500 and the benchmark apartment price is $359,400.
Last month, the value of home sales in the region totalled $442.6 million, which is 92.9 per cent higher than this time last year, according to the realtor’s association.
“The combination of a smaller number of new listings and higher than average demand for this time of year continue to contribute to an already historically tight market and push prices higher,” stated Scholte in the press release.
Listings are down with 534 new listings in October 2020 (a 24 per cent year-over-year decrease) and 603 listings at the end of Ocotber, which is down 61 per cent compared to the end of October 2019.
