Back in mid-March when the pandemic hit, real estate activity across Canada cane to an abrupt halt. While COVID 19 continues to have an impact on real estate activity across the country, many areas have rebounded in a manner that few of us would have expected.
Commencing in early summer, the southern Georgian Bay area market has been setting some new records in terms of MLS® sales volume and overall the demand for area properties.has never been stronger
Total MLS® sales in November of 204 units were up 50 units or 32% from the 154 units sold in November 2019. November MLS® dollar volume of $159.6 million was up over $71.0 million or 80% from November 2019.
Year-to-date total MLS® dollar volume for our area totals $1.595 billion, up $560.7 million (54%) from sales of $1.034.6 billion in 2019 and $724.0 million or 83%% greater than the same period in 2018.
New MLS® listings in November totalled 216 properties up from 176 in November 2019 (21%) but 15% below October which is normal as we enter into the holiday season. Driven by a strong demand for area properties with buyers looking to leave the Greater Toronto Area, many sellers in area municipalities have been looking to “cash in” with aggressive list prices many of which are being attained. We are back in an era where multiple offers and sales prices well over asking are the norm. As per the chart below, the number of new MLS® listing per month has often tracked below the number pf new listings we saw in the same months of 2019.
Expired MLS® listings in November totalled 383 properties, just 4 more than last year. Year-to-date expired MLS® listings are down 500 or 14% from a year ago, 3,028 in 2020 compared to 3528 last year
While some predicted a drop in pricing from the pandemic & economic downturn such has not been the case The year-to-date overall MLS® list-to-sale price ratio is 98.1% versus 97.6% one year ago. Multiple offers with over list price sale prices have helped to drive this.
Year-To-Date MLS® single family home sales in November total 1,519 homes sold an increase of 282 units sold, 23% more than the 1,237 homes sold last year in the same time frame.
Condo sales softened during the first six months of 2020 but have come back strongly through the summer and fall with a total 520 units sold versus 402 sales last year an increase of 29%
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.
Year-to-date MLS® single family home sales in many area municipalities are lagging behind 2019 as follows: Collingwood up 3%, Clearview Township up 4%, Blue Mountains up 34%, Municipality of Meaford up 32% while sales in the Grey Highlands and Wasaga Beach are up 46% and 36% respectively.
MLS® single family home sales continue to remain the strongest between $800,000 to $2 Million. As per the accompanying chart, year-to-date sales from $800,000 to $1,499,999 are up from 113% to 170%. Sales $1.5 to $2 million are up 187% whiles sales over $2 million are up 433% .
As we head into the holiday season, real estate activity will wind down only to ramp up again in January. The real question is can the unprecedented demand for homes and condominiums across southern Georgian Bay in Collingwood, the Blue Mountains, Wasaga Beach and other area municipalities maintain the momentum that we have seen in 2020? Sooner or later they ids always a “day of reckoning” and when that is in anyone’s guess. Personally I have some thoughts on that which I will cover in future posts.
Please feel free to Contact Me for further details or for a confidential no obligation of your real estate goals and objectives in 2021 and I will be happy to share my market knowledge and 20+ years of experience with you. IN the meantime best woishes to you and yours for the holiday season and a great year ahead.
Stay safe and stay healthy….