While real estate activity across southern Georgian Bay remains extremely robust for the first four months of 2021 we can’t loose sight of the fact that in March and April of 2020 sales were essentially shut down due to the arrival of COVID 19. While real estate activity was subsequently determined to be an “essential service” REALTORS® were limited to only dealing with Seller and Buyers that had to list or sell a property for a specific reason(s). Sales during these two months last year plummeted to exceptionally low levels helping to fuel unusually large sales increases thus far in 2021.
Total MLS® dollar volume in April of $291.7 million was up a hefty $251.5 million from just over $40.0 million in April 2020 which represents an increase of 628%.
MLS® unit sales for April of 355 properties was 322% higher than in April 2020 when just 84 sales were reported through our local MLS® System.
Year-to-date MLS® sales volume to the end of April totals $907.1 million up 202% from $299.7 million in the first four months of 2020.
NOTE: The above 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 April totalled 542 properties compared to 205 in April of last year an increase of 164%. When the pandemic arrived many Sellers were reluctant in having REALTORS® and or Buyers viewing their homes. As a result some MLS® listings were cancelled while others simply chose to delay listing their property until it was known where the pandemic was heading.
The increase in MLS® sales combined with a lack of inventory indicates this is still a “Seller’s” market. Listing activity is increasing which is normal in the spring. Sellers believe and rightly so, that their property will present itself better to potential Buyers when lawns, trees and gardens start to green up. Indications are also reflecting that some Sellers are looking to sell now in the event the robust market conditions we have experienced cools off and it will.
April Year-to-date MLS® single family sales of 660 are 98% above 332 sold last year, condo sales of 157 units are up 175% from sales of just 57 condo units one year ago. Vacant land sales are up significantly from a year ago largely due to the fact that the inventory of lots, acreages etc. available for sale have increased year over year.
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.
MLS® sale prices have remained extremely strong defying the forecast of a downturn with a softer economy. The current MLS® year-to-date list to sale price ratio is 102.3% for the first four months due to many properties selling for over their respective asking prices.
The year-to-date MLS® median residential price stands at $715,000 driven by increased sales above $500,000 and especially from $800,000 and up. This is up 46% from the median price $489,000 last year.
With stronger sales and prices “expired” MLS® listings at the end of April are 95 compares to 110 last year while current listings total 230 down from 407 last year.
Year-to-date MLS® single family home sales vary by municipality : Clearview Twp up 162%, Blue Mountains up 98% Grey Highlands up 68%, Wasaga Beach up 87%, Collingwood up 78% while home sales in Meaford up 100%.
Year-to-date MLS® single family home sales are strongest at the upper end see chart below: $500,000 to $799,000 up 92%, $800,000 to $999,999 up 153%, $1 to $1,499,999 up 353%. Sales $1.5 to $2 million are up 131% whiles sales over the $2 million mark are up 66% with 23 sales this year versus just 3 sales one year ago.
All of the information shown above is based on data I have pulled from the MLS® System of the Southern Georgian Bay Association of REALTORS®. The questions everyone is asking is “how long will this last and or are we going to see a downturn?
As is evidenced in this blog and in the numerous market reports that I post on my website, I am a numbers guy. As such I watch and compile a lot of market data and statistics as it helps me to better serve my clients. Based on my market knowledge and the data I follow, it has become very clear that the market activity we have experienced over the past year or more is not sustainable. From a simplistic perspective it’s also not healthy when Seller’s are the primary benefactors and Buyer’s are disadvantaged as they have been in their quest to purchase the home or other real estate they need or want at an affordable price free of undue pressure from bidding wars and other circumstances. More on this in my next post…..
In the meantime please feel free to contact me without obligation with any questions or comments you might have with respect to your specific real estate selling or buying needs.
Stay safe and stay healthy.