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Category: <span>Market Stats Page</span>
The Western Region of Southern Georgian Bay certainly did not experience the traditional slowdown that normally occurs this time of year. As the pandemic forced many people to change their way of life over the last several months, the search for homes outside of the GTA offering more space to live, work and play has persisted. Consequently, the demand for housing continued to escalate.
In November 2020, 189 sales were reported vs 143 sales for the same period last year, boasting a 32.2 % increase year over year and even with a modest 6.9 % increase of new listings year over year; 186 new listings coming to market in November 2020 com- pared to 174 last November, it wasn’t enough to meet the demand, resulting in a Sales to New Listings Ratio of 101.6.
The unrelenting demand drove active listings down 59.9 % from 579 at month’s end in November 2019 to a record low of 232 in November 2020. Months of Inventory was also at a record low for November of 1.2 months, once again attesting to the historically low supply and super tight market conditions.
The average sale price in the Western Region continued to climb throughout the year and reached a record high of $753,648 in November 2020, a substantial 39.5 % increase over last year’s sale price. As a result of the tight supply, strong demand and an increase in the number of sales in higher priced properties, the dollar volume for November was up 84.4 % over last year.
No one could have imagined at the onset of the pandemic in March 2020 that we would have experienced such a robust market this year. Many industry experts are suggesting that with ongoing low interest rates and a continued focus on lifestyle changes to cope with ongoing COVID restrictions, this strong momentum will carry into 2021. However, with prices continuing to rise, affordability remains the ongoing concern.
The unrelenting pace and demand for housing generated a substantial 65.2 % increase over October 2019 with an impressive 309 sales reported vs 187 sales for the same period last year. Only 263 new listings came to market in October 2020 compared to 320 last October. This represented a 17.8 % decrease year over year and clearly illustrated the ongoing supply crunch the region has been experiencing. The result of sales increasing and fewer new listings coming to market drove active listings down 57.3 %, from 675 at month’s end in October 2019 to a meagre 288 in October 2020.
Months of Inventory was at a low of 0.9 months, further evidence of the historically low supply and very tight market conditions. Given the insufficient number of properties for sale vs the ongoing, frenzied demand, along with the appetite for many people with big budgets to purchase higher priced homes, it was no surprise that the average sale price in the Western Region reached a record high of $739,990 in October 2020, boasting a 29.4 % increase over last year’s already lofty average sale price. This trend of extraordinarily high sale prices combined with the persistent strong demand propelled the dollar volume for October up 113.9 % over last year. The Sales to New Listings Ratio doubled from a balanced market of 58.4 in October 2019 to 117.5, a true testimony that the red hot Seller’s market the Region has been experiencing this year was still at play. Buyers on the other hand were feeling the pressure, with the median days on market reported at 18 days.
Buyers were often forced to make quick decisions and submit unconditional offers while competing in multiple offer situations. With the pandemic creating such unprecedented conditions this year, the question that remains on everyone’s mind is how much sizzle is left in this market. There are forces currently at play such as low interest rates creating opportunity and desire for many to purchase in the Western Region of Southern Georgian Bay, counterbalanced by anxiety of what stricter measures to curb the spread of the coronavirus may bring. We will have to wait and see how people react in these precarious times.
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Deb Saunders-Chatwin
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