Sales slowed in southern Georgian Bay in July, but the market is still relatively strong, according to the latest market report from Royal LePage Locations North.
Average selling prices are on the rise and it’s hard to imagine that changing anytime soon.
July sales volume was down 37% from July 2020. Available units were down 50% and new listings were down 32% from a year ago. Homes are selling faster, however, with the average number of days on the market dropping to 19. And perhaps the best news? The region posted a record average selling price of $ 845,665 year-to-date, a 35% increase from July 2020.
What we can deduce from these figures is that the demand for listings is always greater than the supply. This is great news for anyone looking to sell, even if it makes the buyer’s job a bit more difficult.
The Southern Georgian Bay market had a sell-to-list ratio of 100.9% and there is now two months of inventory available. The sales-to-listings ratio in July was 74%.
Year-to-date volume sales have increased by 71%. The average July selling price is up 25% and that year-to-date figure is up 35%.
It is generally believed that the stratospheric heights recorded by the Southern Georgian Bay market in the early summer of last year were simply not sustainable. This does not mean, however, that the market has lost momentum. There is still a lot of interest and demand there, as residents across the province, and beyond, realize the opportunities available to them here.
Even though the numbers fell slightly, it was still the second best July on record. The all-time regional record was set last July, just months after the start of the pandemic.
The fastest growing price ranges include $ 800,000 to $ 999,000, $ 1M to $ 1.499M and $ 2M +. There were significantly fewer sales in the under $ 500,000 range.
The average selling price of single-family homes, condos and towns and vacant lots is on the rise, while the market-day average is down across the board, which is really good news for sellers.
With fall fast approaching, it will be interesting to see what changes, if any, lie ahead for the region. Stay tuned.
With offices in Collingwood, Thornbury, Creemore, Craigleith, Meaford, Wasaga Beach and Stayner, REALTORS at Locations North are the experts in luxury real estate in South Georgian Bay. See their ads.