Southern Georgian Bay home sales jump year-over-year in February
Residential sales recorded through the MLS® system for the Southern Georgian Bay region totaled 226 units in February 2020. This was a large 37% increase from February 2019.
On a year-to-date basis, home sales totalled 408 units over the first two months of the year, up 36.5% from the same period in 2019.
The Southern Georgian Bay region comprises two distinctive markets.
Home sales in the Western Region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, the Municipality of Meaford, and Grey Highlands, numbered 135 units in February 2020. This was an increase of 21.6% from February 2019.
On a year-to-date basis, home sales in the Western Region numbered 236 units over the first two months of the year, up 19.8% from the same period in 2019.
Meanwhile, home sales in the Eastern Region, encompassing the Towns of Midland and Penetanguishene, the Townships of Tay and Tiny, Severn, and Georgian Bay Townships, numbered 91 units in February 2020. This was a 68.5% jump from February 2019.
On a year-to-date basis, home sales in the Eastern Region numbered 172 units over the first two months of the year, climbing a similar 68.6% from the same period in 2019.
“2020 got off to a great start in both the Western and Eastern Regions of the Association’s geographic coverage area, with buyers taking advantage of an increase in much-needed new listings,” said Mike Scholte, President of the Southern Georgian Bay Association of REALTORS®. “That said, going forward we may see pause on those trends as both buyers and sellers scale back activity amid the current coronavirus situation.”
There were 408 new residential listings in February 2020. This was a large increase of 32.5% on a year-over-year basis and marked the largest number of new listings added in the month of February in five years.
Active residential listings numbered 855 units at the end of February. This was up 5.8% from the end of February 2019. Despite the increase, overall supply remains low compared to historical levels.
Months of inventory numbered 3.8 at the end of February 2020, down from the 4.9 months recorded at the end of February 2019 and below the 10-year average of 8.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all residential transactions in February 2020 was $124.5 million, jumping 49.6% from this time in 2019. This was a new record for the month of February.
Sales of all property types numbered 261 units in February 2020, up 40.3% from February 2019. The total value of all properties sold was $136.9 million, a large 54.6% increase from February 2019.
Consult your Local REALTOR® for market conditions and home value information specific to your neighbourhood. Our REALTORS® live, work and play in Southern Georgian Bay and have the local knowledge you simply need to know! Encompassing several communities along the shores of southern Georgian Bay, approximately 1½ to 2 hours from Greater Toronto, the area is one of Canada’s premier four-season recreational playgrounds.
The Southern Georgian Bay Association of REALTORS® represents more than 600 REALTORS® registered with its member offices. The geographical area served by the Association includes the Towns of Midland and Penetanguishene, the Townships of Tay and Tiny and parts of Severn and Georgian Bay Townships; Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, and portions of the Municipality of Meaford and Grey Highlands.
Mike Scholte, President
Southern Georgian Bay Association of REALTORS®
REALTOR® is a trademark that identifies real estate professionals who are members of The Canadian Real Estate Association (CREA) and, as such, subscribe to a high standard of professional service and to a strict Code of Ethics