Residential sales recorded through the MLS® System for the Southern Georgian Bay region totaled 645 units in March 2021. This was more than double the levels from a year earlier, surging 106.1% from March 2020. This was also a new sales record for the month of March.
On a year-to-date basis, home sales totaled a record 1,248 units over the first three months of the year. This was up sharply by 46.3% 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 326 units in March 2021. This was more than double the levels from a year earlier, surging 114.5% from March 2020. This was also a new sales record for the month of March.
On a year-to-date basis, home sales in the Western Region numbered a record 650 units over the first three months of the year. This was up sharply by 55.9% 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 319 units in March 2021. This was an advance of 98.1% from March 2020. This was also a new sales record for the month of March.
On a year-to-date basis, home sales in the Eastern Region numbered a record 598 units over the first three months of the year. This was a large increase of 37.2% from the same period in 2020.
“March was another incredibly strong month for MLS® market activity in our region.” said Matthew Lidbetter, President of the Southern Georgian Bay Association of REALTORS®. “Resale home sales set a new March record surpassing the previous mark of 477 set back in 2017. There was also a considerable increase in the number of new listings during this past month, which helped to backstop overall inventory. Although active listings continue to be at the lowest level in more than 30 years the number of available listings appears to be forming a bottom. However, with the spring market upon us we expect market conditions to remain extremely tight.”
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 $592,500 in March 2021, a significant gain of 40.8% compared to March 2020.
The benchmark price for single-family homes was $617,900, an advance of 43.6% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $486,800, up by 27.6% compared to a year earlier, while the benchmark apartment price was $386,300, a minor increase of 2.5% from year-ago levels.
The number of new listings saw a gain of 13% from March 2020. There were 780 new residential listings in March 2021. This was the largest number of new listings added in the month of March in more than five years.
Active residential listings numbered 407 units on the market at the end of March, down sharply by 68.2% from the end of March 2020. Active listings haven’t been this low in the month of March in more than three decades.
Months of inventory numbered 0.6 at the end of March 2021, down from the 4.1 months recorded at the end of March 2020 and below the long-run average of 5.3 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 March 2021 was $546 million, more than double the levels from a year earlier, rocketing up 214.5% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.
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.
Matthew Lidbetter, 2021 President
Southern Georgian Bay Association of REALTORS®
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