October Market Report: Region Breaks Annual Sales Records

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South Georgian Bay real estate brings in over $ 2 billion for the first time ever

October saw the Southern Georgian Bay region reach an impressive milestone: it recorded its very first year of sales of $ 2 billion.

The year-to-date record sales volume of over $ 2 billion is up 30% from 2020. October alone saw a sales volume of over $ 201 million. dollars.

While the overall number of listings is down, the average selling price has increased, more than making up for the difference. That average selling price is a year-to-date record high at $ 869,368. Keep in mind that this is a 31% increase over last year, which was just $ 661,363. That’s huge growth over a relatively short period of time.

It should be noted that the average October sale price is even higher, at $ 958,732, just below the million dollar mark.

Demand for housing increased 100 percent in the $ 800-999,000 category and 142 percent in the $ 2 million and above range. In 2021, unit sales increased in 5 of the 7 price ranges.

What does it mean? Well, it’s more or less the same for buyers: the demand for ads far exceeds the supply. There is currently only one month of inventory available, so it is still, without a doubt, a sellers market.

The average number of days on the market has also declined. For October, it was only 21 days.

The region is expected to be on track to end the year at $ 2.2 billion in sales, according to the latest market report from Royal LePage Locations North. Believe it or not, it wasn’t until 2016 that Southern Georgian Bay hit the billion dollar mark. With such accelerated growth, it has certainly been a great run for regional owners over the past few years.

The clear majority of sales last October were single-family homes, followed by condominiums and townhouses. The average selling price of a single-family home has increased 32% from 2020. Condominiums have increased by 26% over the same period and townhouses have increased by 42%.

In short, this means that there have been huge gains across the board, both in general and relative to inflation. It is clear that October was a banner month for real estate in Southern Georgian Bay. Will November and December beat their own records? Stay tuned.

North Locations’ REAL ESTATE AGENTS are the experts in luxury real estate properties throughout South Georgian Bay, with offices in Collingwood, Thornbury, Creemore, Craigleith, Meaford, Wasaga Beach and Stayner. See their ads.

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