Posted On: Wednesday, June 12, 2019
Residential sales recorded through the MLS® system for the Southern Georgian Bay region totaled 369 units in May 2019. This was an increase of 14.6% from May 2018.
On a year-to-date basis, home sales totalled 1,207 units over the first five months of the year, up 5.1% from the same period in 2018.
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 213 units in May 2019. This was up 7.6% (15 sales) from May 2018.
On a year-to-date basis, home sales in the Western Region numbered 744 units over the first five months of the year, up just 0.3% or just two sales from the same period in 2018.
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 156 units in May 2019, jumping 25.8% from May 2018.
On a year-to-date basis, home sales in the Eastern Region numbered 463 units over the first five months of the year, up 14% from the same period in 2018.
“With inventories across the region still very low, monthly sales fluctuations seem to be in large part a product of where properties are or are not coming up for sale,” said Stan Reljic, President of the Southern Georgian Bay Association of REALTORS®. “From March to April, a drop in sales in the Eastern District was observed alongside a big decline in new supply. In May, new listings rebounded in the Eastern District and that’s where the overall improvement in sales came from. Point being, demand in the region is stronger than the current average sales volumes would suggest, and sales will very likely increase if more properties come up for sale.”
There were 786 new residential listings in May 2019, an increase of 17.5% from last May’s 14-year low for the month.
Active residential listings numbered just 1,300 units at the end of May 2019. While this was an increase of 23% from the end of May 2018, inventories are still very low. Despite the increase, overall supply remains low compared to historical levels. The May average going back to 1995 is about 2,200 listings.
Months of inventory numbered 3.5 at the end of May 2019, up from the 3.3 months recorded at the end of May 2018 but less than half the long-run average of 7.4 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 May 2019 was $189.7 million, rising 17% from this time in 2018.
Sales of all property types numbered 417 units in May 2019, an increase of 14.6% from May 2018. The total value of all properties sold was $211.2 million, rising 19.3% from May 2018.
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 an estimated 580 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.
Stan Reljic, President
Southern Georgian Bay Association of REALTORS®
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