The fourth quarter of 2021 ended much like previous quarters, with record sales volume and rising average prices.
Last year saw a record annual sales volume of $2,326,883,555. This is a 26% increase over the previous year, even with the number of units and registrations down 3%.
It certainly helps that fourth quarter sales volume remained strong. The average annual selling price reached a record for the region of $880,728, according to the latest market report from Royal LePage. North Pitches. That figure is up an incredible 30% – it was $679,602 just a year ago. The average days on market was only 21.
As has been the story for all of 2021, demand for listings has far exceeded supply and there remains a strong seller’s market heading into 2022. In fact, the South Georgian Bay market had a 100% sales/list price ratio in December.
Sales were highest in the following categories: up to 100% for properties of $2 million and more, up to 81% for those from $800,000 to $999,000, up to 79% for homes from 1M to $1,499 and up to 54% for those listed between 1.5M and $1,999. M
If you thought you were continually seeing the headlines about breaking records, you were right. In terms of sales volume, 2021 saw an incredible eight record months and four second. Last year was the region’s first $2 billion year and it more than doubled the previous record, which was set in 2019.
All market segments have seen growth, from single-family homes to condominiums and townhouses. The average sale price for single-family homes is up 30% from 2020 to $972,499. That same figure for condos is up 24% to $563,776. Townhouses saw by far the biggest increase in average selling price, with an astonishing 51% jump to $716,233.
The market has made huge gains, both in general and relative to inflation. The average sale price for single-family homes in southern Georgian Bay in December alone topped the million-dollar mark, at $1,082,599.
Clearly, the regional market for luxury homes remains strong. Needless to say, it will be interesting to see what 2022 has in store for us all. Sellers continue to have the upper hand at this time and with growing interest and demand in the Southern Georgian Bay market, it looks like the year ahead will be another busy year.
REAL ESTATE AGENTS in North Pitches are the experts in luxury real estate properties in South Georgian Bay, with offices in Collingwood, Thornbury, Creemore, Craigleith, Meaford, Wasaga Beach and Stayner. See their Advertisement.