Home sales in the region are breaking records again.
Driven by low supply and high demand, one local Realtor said the Southern Georgian Bay real estate market is the “tightest” it’s been in years.
“Sales activity remained strong in August.” said Mike Scholte, President of the Southern Georgian Bay Association of Realtors. “New listings continued to slowly return to the market but are having difficulty keeping pace with the number of sales. Strong demand and low inventory levels continue to be the driving factors contributing to the tightest markets we have seen in years.”
According to data collected from MLS, there were 713 residential sales in Southern Georgian Bay in August 2020, which is up by 62.4 per cent compared to August 2019.
In the western portion of the region, including Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Meaford and Grey Highlands, sales are up 80 per cent for August 2020 compared to August 2019. There were 418 units sold in the western portion of the region. According to the Southern Georgian Bay Association of Realtors (SGBAR), this is a new sales record for August and the highest level for any month in history.
The eastern portion of the region, which includes Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay Township, also saw an increase. There were 295 units sold in the eastern half of the region, which is an increase of 42.5 per cent from August 2019.
So far this year, there have been 3,411 units sold in Southern Georgian Bay, which is an increase of 18.9 per cent compared to this time in 2019.
“There were 699 new residential listings in August 2020. This was down 7.7 per cent on a year-over-year basis,” stated a press release from SGBAR. “Active residential listings numbered 938 units at the end of August. This was a large decline of 49.6 per cent from the end of August 2019.”
The value of home sales in the region more than doubled over last year with $491.6 million in sales for August 2020, an increase of 112.4 per cent over August 2019.
“This was a new record for the month of August and was also the largest dollar value of homes sold for any month in history,” stated SGBAR’s press release.
