The numbers can certainly tell a story.
After four months of declining but still very strong sales, there was a nice increase in August across the southern Georgian Bay region. The market remained relatively robust and in fact it was the second best August on record in terms of volume.
The year-to-date sales volume figure of $ 1.6 billion is a record, according to the latest market report from Royal LePage Locations North. This is an incredible 46% increase from 2020. The number of units sold has increased by 10% and new listings have increased very slightly compared to the same period.
In other good news, the year-to-date average selling price also hit $ 853,850. This is 33% more than a year ago. Sellers don’t just get more money for their properties, they sell them faster; days on the market fell to 20, down from 49.
That said, for the month of August itself, sales volume is down 18%. Fewer units were sold, down 219 from last year’s 407, which is a substantial 46% drop. We have to keep in mind, however, that August 2020 set an all-time regional monthly record. New registrations are also down 31% this month compared to a year ago.
All of this means a continuation of what we’ve seen over the past year and a little: the demand for listings is greater than the supply. There is currently a month of inventory available and it is safe to say that this is still a sellers market.
Looking specifically at August, the average selling price in the region topped $ 900,000 to $ 916,410. That’s a very healthy increase of 35%. We are also seeing significantly more sales in the higher price brackets: sales increased 143% in the $ 800 to $ 999,000 range, 112% in the $ 1 million to $ 1.499 million range, and an incredible 175% in the range over $ 2. Support M. These numbers show phenomenal growth since 2019.
All categories are selling well, including single family homes, condos, and townhouses. Demand for vacant land has skyrocketed: dollar sales are up 208% from 2020, unit sales are up 55%, and the average sale price of vacant land is up 93% per year. compared to last year. Landowners in Southern Georgian Bay have seen huge gains, both overall and relative to inflation, since 2010.
Based on past performance, we don’t really expect a seasonal drop in sales until at least November. This means that we should be able to expect sales and buyer interest in the region to continue to be strong throughout the fall.
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. Check out their announcements.