Residential sales recorded through the MLS® System for the Southern Georgian Bay region totaled 236 units in January 2021. This was up 9.8% from January 2020 and was a new sales record for the month of January.
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 128 units in January 2021. This was an increase of 18.5% from January 2020. Residential sales haven’t hit this level in the month of January in more than three decades.
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 108 units in January 2021. This outperformed January 2020 by a single sale and is the highest number of sales in the month of January on record.
“Demand for homes across the Southern Georgian Bay region is at an all time high,” said Matthew Lidbetter, President of the Southern Georgian Bay Association of REALTORS®. “This has resulted in home prices rising quickly across all property types, although particularly in those property types with more living space.”
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 $525,200, rising 27.9% in January 2021 compared to January 2020.
The benchmark price for single-family homes was $546,000, advancing 29.5% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units rose by 19.5% to $437,000, compared to a year earlier, while the benchmark apartment price was $367,300, a gain of 11.2% from year-ago levels.
There were 255 new residential listings in January 2021. This was a significant decline of 47.3% on a year-over-year basis. This was the lowest number of new listings added in the month of January in more than three decades.
Active residential listings numbered 256 units at the end of January. Declining substantially by 75.3% from the end of January 2020. Active listings haven’t been this low in the month of January in more than three decades.
Months of inventory numbered 1.1 at the end of January 2021, down from the 4.8 months recorded at the end of January 2020 and below the long-run average of 7.6 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 January 2021 was $198.4 million, improving by 66% from the same month in 2020. This was also a new record for the month of January.
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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