Southern Georgian Bay MLS® resale home sales post second best year on record in 2020
Residential sales recorded through the MLS® System for the Southern Georgian Bay region totaled 270 units in December 2020. This was a large increase of 36.4% from December 2019 and was a new sales record for the month of December.
On an annual basis, home sales totaled 5,332 units over the course of 2020. This was an increase of 36.4% 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 144 units in December 2020.
Increasing considerably by 41.2% from December 2019. Residential sales haven’t hit this level in the month of December in more than three decades.
On a year-to-date basis, home sales in the Western Region numbered 2,788 units over the course of 2020. This was an increase of 26.3% from the same period in 2019 and is a new record for number of MLS® home sales in a year for the region.
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 126 units in December 2020. This was a large increase of 31.3% from December 2019. Residential sales haven’t hit this level in the month of December in more than three decades.
On a year-to-date basis, home sales in the Eastern Region numbered 2,544 units over the course of 2020 This was an increase of 28.5% from the same period in 2019.
“MLS® home sales continued setting new records in December,” said Mike Scholte, President of the Southern Georgian Bay Association of REALTORS®. “The dwindling number of active listings continues to raise concerns for our local markets. Having said that, the Western Region posted the most MLS® home sales ever in a year followed closely by the Eastern Region, which posted its second best year on record. Overall, 2020 has been a banner year for Southern Georgian Bay real estate.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $510,600, rising 21.8% in December 2020 compared to December 2019.
The benchmark price for single-family homes rose 23.3% to $530,600 on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $425,600, rising 15.4% compared to a year earlier, while the benchmark apartment price was $362,500, up 7.3% from year-ago levels.
There were 222 new residential listings in December 2020. This was little changed, down only 0.4% on a year-over-year basis.
Active residential listings numbered 281 units at the end of December. This was a substantial decline of 71.2% from the end of December 2019. Active listings haven’t been this low since 1989.
Months of inventory numbered 1 at the end of December 2020, down from the 4.9 months recorded at the end of December 2019 and below the long-run average of 7.5 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 home sales in December 2020 was $219.3 million, surging 95.8% from the same month in 2019. This was also a new record for the month of December.
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, 2020 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.