Residential sales recorded through the MLS® System for the Southern Georgian Bay region totaled 417 units in November 2020. This was a large increase of 32.4% from November 2019 and was also a new sales record for the month of November.
On a year-to-date basis, home sales totaled 5,064 units over the first 11 months of the year increasing 32.4% 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 215 units in November 2020. This was a notable gain of 32.7% from November 2019. Residential sales haven’t hit this level in the month of November in more than three decades.
On a year-to-date basis, home sales in the Western Region numbered 2,645 units over the first 11 months of the year, an increase of 25.7% 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 202 units in November 2020. This was an improvement of 32% from November 2019. Residential sales haven’t reached this level in the month of November in more than 30 years.
On a year-to-date basis, home sales in the Eastern Region numbered 2,419 units over the first 11 months of the year. This was an increase of 28.5% from the same period in 2019.
“Home sales rose above 200 in November for the first time in history in both the Western and Eastern Regions, marking a continued surge in sales activity in the Southern Georgian Bay area,” said Mike Scholte, President of the Southern Georgian Bay Association of REALTORS®. “With overall supply levels already at record lows and little room left to fall any further, the unprecedented strength in demand is keeping the market well inside seller’s territory. Led by very strong gains in the single-family segment, price levels continue to rise to new record highs.”
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 $498,700, rising 21.9% in November 2020 compared to November 2019.
The benchmark price for single-family homes was $517,200, advancing 23.6% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $416,400, rising 13.5% compared to a year earlier, while the benchmark apartment price was $368,300, up 8.5% from year-ago levels.
There were 372 new residential listings in November 2020. This was down 5.8% on a year-over-year basis.
Active residential listings numbered 445 units at the end of November. This was a substantial decline of 64.9% from the end of November 2019 and is the first time active listings have been below 500 in over 30 years.
Months of inventory numbered 1.1 at the end of November 2020, down from the 4 months recorded at the end of November 2019 and below the long-run average of 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 November 2020 was $313.4 million, surging 84.5% from the same month in 2019. This was also a new record for the month of November.
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®
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