Recent wintry weather is doing little to cool off the local real estate market.
According to new information released by the Southern Georgian Bay association of Realtors (SGBAR) the number of homes sales in the region recorded through the MLS system was up nearly 10 per cent in January 2021 from the same period a year ago.
The lack of available inventory is putting continued upward pressure on prices.
There were 255 new MLS residential listings in the Southern Georgian Bay region this January, down 47.3 per cent from last year. There were 256 active listings at the end of the month, the lowest level for January in more than 30 years.
In a typical January, based on multi-year trends, the months of inventory available (the number of months it would take to sell existing listings at current rate of sales) would be around 7.6 months. In January 2020, that number was 4.8 months. In January 2021, it plummeted to 1.1 months
Sales were especially brisk in the western part of the region which includes Clearview, Wasaga Beach, Collingwood, The Blue Mountains, Meaford and Grey Highlands. A total of 128 homes were sold in January, 2021 up 18.5 per cent over January, 2020. This is the highest number of residential sales in January for more than three decades. The dollar value of all sales was $198.4 million, 66 per cent higher than January 2020.
According to SGBAR President Matthew Lidbetter, demand in the region is at an all time high, resulting in home prices rising quickly across all property types, particularly in homes with more living space.
The huge increase in the number of people working from home has driven many condo dwellers in the city to look for more room in a detached home.
With the average selling price for a home in Toronto expected to top $1 million later this year, the relative affordability of our area is attracting plenty of interest.
The benchmark price for single family homes in Southern Georgian Bay was $54,000 in January, up 29.5 per cent from the previous year but still very affordable, relative to Toronto.