Area real estate sales in September showed a modest gain over August but the southern Georgian Bay real estate market continues to reflect softer activity from one year ago as do other markets across Canada. All indications reflect that we are headed towards more balanced conditions from what we have experienced in the past year or two.
Total MLS® dollar volume in September of $229.4 million was down 7% from $248.4 million in sales in September 2020. Dollar sales have spiked up slightly in August and September but remain below the same months of 2020 as shown below.
MLS® unit sales in September were down 9%, with 333 sales in 2021 compared to 365 in September of last year.
Year-to-date MLS® sales now total $2.069 billion up $631.3 million or 44% from $1.437 billion in the first nine months of 2020 but it must be pointed out that sales in the first half of 2020 were much slower due to the arrival of the COVID 19 pandemic.
NOTE: These results are based on total MLS® sales for residential and commercial properties and vacant land in Clearview, Collingwood, Grey Highlands, Municipality of Meaford, the Blue Mountains and Wasaga Beach.
New MLS® listings in September totalled 333 properties down from 453 of 27% from last year. Year-to-date new MLS® listings are slightly ahead of 2021 with 3,407 in 2021 versus 3,396 new listings at this time in 2020.
MLS ® dollar and unit sales have been softening monthly since March and we are also seeing a return to price reductions in significant numbers and amounts. It would appear some Sellers have come to realize that their asking prices are perhaps too aggressive given changing market activity and if they are indeed committed to selling their home or other property, they need to adjust their asking price accordingly in order to attract a potential Buyer(s).
September YTD MLS® single family sales total 1,625 up 4% from 1,564 homes sold last year. Condominium sales are especially strong, with 476 units sold year-to-date up 36% while sales of vacant land have risen 34% from one year ago totalling 219 properties.
NOTE: The statistics contained herein do not include the sale of new homes and condominiums made outside of the MLS ® system by builders and or developers and their own sales staff nor do they include full time or seasonal rentals.
The year-to-date list to sale price ratio is 100.2% compared to 98.2% last year. The list to sale price ratio has been declining monthly from a high of 102.7% back in April.
The year-to-date median residential price is $710,650 driven by increased sales above $500,000 and especially from $800,000 and up. This number is up slightly from $707,419 August.
Year-to-date MLS® single family home sales by municipality: Clearview Twp up 32%, Grey Highlands up 22%, Collingwood up 3%, Meaford up 9%, with Blue Mountains down 14% and Wasaga Beach down 4%.
Year-to-date MLS® single family home sales are strongest at the upper end staring at $800,000 and above with home sales in these segments up anywhere from 93% to 139%.
All of the above results including reduced sales activity, fewer multiple offers, a drop in the list-to-sale price ratio and the re-emergence of price reductions would clearly illustrate the market has shifted from the robust activity we’ve seen over the past couple of years.
As we head into the final three months of 2021, I predict we will continue to have a strong market but real estate sales will continue the trend we are seeing with fewer multiple offers and with sale prices closer to or below their respective asking prices resulting in a balanced market for Buyers and Sellers alike.
Follow this blog for regular updates and as always please do not hesitate to Contact Me if you have any questions or if you would like a no obligation consultation as to how the current market may impact your real estate buying or selling needs.