In spite of the impact of COVID-19 around the world, March 2020 numbers stood up incredibly well in the Western Region of Southern Georgian Bay when comparing activity year over year.
The first half of the month is most likely responsible for the strong performance. New listings were up marginally, 1.7 % over last year, with 301 new listings reported at the end of March 2020 vs 296 in March 2019. Active listings were down 3.2 % over last March, with 574 properties available vs 593 in March 2019. With ongoing demand helping to drive prices up, the average sale price for a residential home in March 2020 remained close to record highs, coming in at a remarkable $588,997, up 7.0 % over last year.
With contributing factors such as the ongoing housing shortage across the country and low-interest rates stimulating Buyers to act, even in a somewhat confusing market, sales activity rose a 3.4 % with 151 sales reported in March vs 146 sales for the same period last year. We will likely see activity slow down in April as the extent of this pandemic takes its toll. Affordability has been an ongoing challenge, so we will have to wait and see if prices are impacted by COVID-19 in the months ahead. On the other hand, a pent up demand for housing may cause a quick rebound. In any event, it’s possible that any turmoil will be temporary as people continue to be drawn to the Western Region of Southern Georgian Bay due to the ability for many to work from home, the quality of life and active lifestyle available.