Southern Georgian Bay sets new monthly record in October
Residential sales recorded through the MLS® system for the Southern Georgian Bay region totaled 601 units in October 2020, was a large increase of 47.3% from October 2019. This was also a new sales record for the month of October.
On a year-to-date basis, home sales totalled 4,647 units over the first 10 months of the year. This was an increase of 26.5% 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 332 units in October 2020. This was a huge increase of 62% from October 2019. This was also a new sales record for the month of October.
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On a year-to-date basis, home sales in the Western Region numbered 2,431 units over the first 10 months of the year. This was an increase of 25.1% 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 269 units in October 2020. This was a notable gain of 32.5% from October 2019. This was also a new sales record for the month of October.
On a year-to-date basis, home sales in the Eastern Region numbered 2,216 units over the first 10 months of the year. This was an increase of 28.1% from the same period in 2019.
“Georgian Bay market activity continued to outperform expectations in October, setting records for key market metrics.” said Mike Scholte, President of the Southern Georgian Bay Association of REALTORS®. “The combination of a smaller number of new listings and higher than average demand for this time of year continue to contribute to an already historically tight market and push prices higher.”
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 for the Southern Georgian Bay region was $495,000, rising 20.1% in October 2020 compared to October 2019.
The benchmark price for single-family homes was $513,700, rising 21.8% on a year-over-year basis in October By comparison, the benchmark price for townhouse/row units was $418,500, rising 11.7% compared to a year earlier, while the benchmark apartment price was $359,400, up 8% from year-ago levels.
There were 534 new residential listings in October 2020. This was down 24.1% on a year-over-year basis.
Active residential listings numbered 603 units at the end of October. This was a large decline of 61.4% from the end of October 2019.
Months of inventory numbered 1 at the end of October 2020, down from the 3.8 months recorded at the end of October 2019 and below the long-run average of 5.5 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 residential transactions in October 2020 was $442.6 million, surging 92.9% from this time in 2019. This was also a new record for the month of October.
Sales of all property types numbered 685 units in October 2020; was a large increase of 49.6% from October 2019. The total value of all properties sold was $474.7 million, a large increase of 95.1% from October 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.