Local home sales ‘cooling’ could lead to a more balanced market, real estate agent association says

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Home sales were around $ 373 million last month, down 25% from July 2020 sales

The latest monthly update from a local association of real estate agents shows the first signs of a balance in the real estate market and a slowdown in sales.

According to the Southern Georgian Bay Association of Realtors (SGBAR), July sales statistics are down “sharply” from numbers recorded in 2020 and early 2021.

“Home sales and new listings have both slowed from the pace of activity earlier this year,” said Matthew Lidbetter, president of SGBAR in a press release.

There were 456 units sold in Southern Georgian Bay in July 2021, which is a decrease of almost 40% from the number of units sold in July 2020.

The value of homes sold in the area last month totaled $ 373.5 million, down more than 25% from July 2020.

Conversely, the number of active listings at the end of July (692 units) was the lowest in more than three decades for the month.

“Overall supply levels are still low but have stopped declining for now,” Lidbetter said in the press release. “On a positive note, the market equilibrium, while still in short territory, has shifted to a more balanced position and price levels appear to have leveled off.”

Since the start of the year, home sales are still higher than in 2020 with 3,456 units sold from January to July 2021, 25% more than the same period in 2020.

In the western half of the region (Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Meaford and Gray Highlands), 220 units were sold in July 2021, a decrease of 46% from July 2020.

In the eastern half of the region (Midland, Penetanguishene, Tay, Tiny, Severn and Georgian Bay), 236 units were sold in July 2021. Sales last month were down 32% from July 2020.


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