Real estate sales across southern Georgian Bay remains well ahead of 2020 but there are signs the market is starting to slow down.
Total MLS® dollar volume in May of $271.3 million was up $177.6 million from May 2020 but was $20.2 million less than sales in April.
MLS® unit sales for May of 314 properties was 89% higher than May 2020 but 41 units or 12% fewer than sales in the prior month.
Year-to-date MLS® sales total $1.178 billion up 200% from $393.4.7 million in the first five months of 2020 keeping in mind the early months of 2020 were adversely affected by COVID 19.
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 May totalled 542 properties up 33% from May of last year yet 9% less than the number of new listings in April.
A pattern is emerging here. Dollar and unit sales fell in May from April as have the number of new listings. Indications reflect some Sellers are also looking to sell now before the market cools seemingly that has already started.
May YTD MLS® single family sales of 915 are 93% above 475 sold last year, condo sales of 298 units are up 112% from last year while sales of vacant land have risen 147% from one year ago.
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 102.2% compared to 97.7% last year, many properties are selling for over their respective asking prices.
The year-to-date median residential price stands at $726,350 driven by increased sales above $500,000 and especially from $1 million and up. This is up 44% from the median price $505,900 last year.
With stronger sales and prices “expired” MLS® listings at the end of May are 308 compares to 258 last year while current active listings total 578 are down 40% from 965 May of last year.
Year-to-date MLS® single family home sales by municipality : Clearview Twp up 128%, Blue Mountains up 102% Grey Highlands up 66%, Wasaga Beach up 79%, Collingwood up 96% with sales in Meaford up a healthy 120%.
Year-to-date MLS® single family home sales are strongest at the upper end see chart below: $500,000 to $799,000 up 105%, $800,000 to $999,999 up 300%, $1 to $1,499,999 up 542%. Sales $1.5 to $2 million are up 307% whiles sales over the $2 million mark are up 720% with 41 sales this year versus just 5 sales to the end of May 2020.
Not everyone agrees but along with myself many of my colleagues have noticed that market activity overall started to slow down in early May. Yes we are still seeing some sales with multiple offers but not nearly to the extent we were over the past year. Some MLS® listings where offers were held for a week or more still remain unsold. As seen in the charts above, May produced lower levels of MLS® activity than in the month of April including lower dollar and unit sales for the month and fewer new listings.
On the flip side we have started to see price reductions something of which has been rare over the past year or more. As of this post there have been 23 price reductions processed in our MLS® System over the past seven days. These price reductions range in dollars from $9,900 to $1.6 million, twelve of which over 50% are for $100,000 or higher.
These numbers are in my opinion a clear indication that we have past the “tipping point” and the robust market conditions we have experienced over the past 12 months months which favoured Sellers has shifted towards a more balanced market long term. Only time will tell of I am right but with over 20 years experience as a real estate Broker, the numbers seldom lie.
As always I welcome your comments and please feel free to Contact Me for further information as it pertains top your real estate needs and or wants.