Southern Georgian Bay home sales up overall in March, but demand and supply are both slowing amid COVID-19
Residential sales recorded through the MLS® system for the Southern Georgian Bay region totaled 254 units in March 2020. This was up 7.6% from March 2019.
On a year-to-date basis, home sales totalled 661 units over the first three months of the year, an increase of 23.6% 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 151 units in March 2020. This edged up 3.4% (five sales) from March 2019.
On a year-to-date basis, home sales in the Western Region numbered 386 units over the first three months of the year. This was an increase of 12.5% 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 103 units in March 2020, up 14.4% (13 sales) from March 2019.
On a year-to-date basis, home sales in the Eastern Region numbered 275 units over the first three months of the year. This was a large 43.2% increase from the same period in 2019.
“Not surprisingly, most of that year-over-year increase in sales activity was recorded in the first half of March,” said Mike Scholte, President of the Southern Georgian Bay Association of REALTORS®. “Going forward, things are likely to quiet way down as both buyers and sellers put their plans on hold amid the coronavirus pandemic.”
There were 513 new residential listings in March 2020. This was up 5.8% on a year-over-year basis.
Active residential listings numbered 924 units at the end of March, down 3% from the end of March 2019. Overall supply remains low compared to historical levels.
Months of inventory numbered 3.6 at the end of March 2020, down from the 4 months recorded at the end of March 2019 and below the 10-year average of 6.7 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 March 2020 was $136.1 million, rising 10.8% from this time in 2019.
Sales of all property types numbered 277 units in March 2020, up 3% (eight sales) from March 2019. The total value of all properties sold was $143.5 million, climbing 6.8% from March 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®
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