Tuesday, July 27, 2021

Southern Georgian Bay Home Sales Down From Record June Last Year But Remain Well Above Average

Residential sales recorded through the MLS System for the Southern Georgian Bay region totalled 564 units in June 2021. This was a decrease of 12.7% from June 2020.

Home sales were 11.7% above the five-year average and 15.8% above the 10-year average for the month of June.

On a year-to-date basis, home sales totalled a record 3,001 units over the first six months of the year. This was up sharply by 50.9% from the same period in 2020.

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 287 units in June 2021. This was a decline of 8.9% from June 2020.

Home sales in the Western Region were 15.9% above the five-year average and 19% above the 10-year average for the month of June.

On a year-to-date basis, home sales in the Western Region numbered a record 1,544 units over the first six months of the year. This was up sharply by 62.9% from the same period in 2020.

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 277 units in June 2021. This was a sharp decrease of 16.3% from June 2020.

Home sales in the Eastern Region were 7.6% above the five-year average and 12.6% above the 10-year average for the month of June.

On a year-to-date basis, home sales in the Eastern Region numbered a record 1,457 units over the first six months of the year. This was up sharply by 40% from the same period in 2020.

“Home sales in both the Eastern and Western Districts were down from year-ago levels but still recorded the third best June in history. On the sales side, the market can best be described as ‘cooling off’ from red-hot to hot,” said Matthew Lidbetter, President of the Southern Georgian Bay Association of Realtors. “On the supply side, the story remains much the same – not enough new supply coming onto the market to meet the strong pace of demand. Overall supply levels are trending at rock bottom and as a result, competition among buyers for this lack of available inventory continues to maintain a tight market.”

The number of new listings saw a sharp decrease of 10.9% from June 2020. There were 803 new residential listings in June 2021. This was the lowest number of new listings added in the month of June in more than a decade.

New listings were 9.5% below the five-year average and 9.5% below the 10-year average for the month of June.

Active residential listings numbered 688 units on the market at the end of June, down sharply by 48% from the end of June 2020. Active listings haven’t been this low in the month of June in more than three decades.

Active listings were 50.8% below the five-year average and 69.2% below the 10-year average for the month of June.

Months of inventory numbered 1.2 at the end of June 2021, down from the two months recorded at the end of June 2020 and below the long-run average of five 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 June 2021 was $485.1 million, increasing by 19.3% from the same month in 2020. This was also a new record for the month of June.

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