Real estate sales activity overall across the southern Georgian Bay region continued to show strength in January, indicating that it appears 2020 will be another good year.
MLS® sales reported by the Southern Georgian Bay Association of REALTORS® in January totalled $68.8 Million, up 19% from January of 2019. This increase remains consistent with the 20% increase we experienced for the entire year of 2019.
Higher priced home sales continue to be a driving force in MLS® sales activity across our market. In January, MLS® home sales priced between $800K to $1 million, were up 33% albeit unit sale or 8 properties this year compared to 6 in January 2018 is relatively small. MLS® sales in the $1 to $1.5 million range totaled 10 properties in January, a 233% increase from just 3 sales reported one year ago,
Total January MLS® unit sales of 112 properties were up 6% from January of last last year and again this is similar to what we saw though most of 2019 where dollar volume outpaced unit sales driven by the strong demand for higher priced properties.
The number of new MLS® new listings that came onto the market in January totaled 176 properties and this is unchanged from January 2019. On the other hand, the number of expired MLS ® listings in January totaled 82 properties down 6% from the 87 MLS® listings that expired in January of last year. It is too early to tell if this reduction in expired listings stems from properties actually selling or are fewer sellers allowing their listings to expire and are simply re-listing them at a reduced price to attract a potential buyer. This trend is nonetheless encouraging and we will see if this pattern continues in the balance of 2020.
Overall, the average days-on-market for properties to sell decreased by 1 day from 60 days in January 2019 to of 59 days in January this year. This days-on-market number is still higher that the mid 40 days-on-market we typically sale in the hectic market years of 2016 and 2017.
The average list-to-sale price ratio increased slightly in January to 98.1% versus 97.4% from year ago. If correctly priced, homes and condominiums will sell for 97% to 98% of their asking price without the need for multiple price reductions which in turn will drive the days-on-market number higher.
MLS® single family home sales in January totalled 69 units, up 8% from the 64 homes sold in January last year. Single family home sales in January across area municipalities were as follows: Collingwood up 14%, Clearview Township down 44%, Grey Highlands up 120%, Blue Mountains down 19%, Wasaga Beach down 25%, the Municipality of Meaford was up 33%.
MLS® condominium sales in January took a sharp jump from one year ago with 27 condo units sold this year compared to 19 units one year ago, an increase of 42%
Vacant land sales remain weak given the lack of inventory for sale. Vacant land sales of 10 properties, is a 23% drop from January 2019.
It will be interesting to follow market activity in the months ahead. Demand for area real estate remains strong. Several new developments are underway especially in Collingwood and out new Blue Mountain. While this will help to drive housing sales activity in the area overall, it also puts pressure on those looking to sell their older homes. A recent survey conducted by data supplier “Ipsos” reflects that 34% of consumers looking to buy a home prefer to buy a “new” home versus a resale. I will discuss more on this in a future post.
For a complete summary of southern Georgian Bay real estate market activity, visiting the Complimentary Markets Reports page of this website or Contact Me for a no obligation, confidential conservation about your personal; real estate needs and objectives.