Despite the ongoing impact of the pandemic and another province wide lock down, real estate activity across southern Georgian Bay remains extremely robust for the first three months of 2021.
Year-to-date MLS® sales total $613.6 million up 136% from $259.7 million last year at this time.
MLS® dollar sales in March totalled $306.7 million compared to $87.6 million in March of 2020 when the real estate market came to a halt as the result of COVID 19, an increase of 250%. April’s results will no doubt show the same level of growth this year even though we are in a lock down and property showings have slowed.
MLS® unit sales for March of 381 properties was 143% higher than in March 2020 before the pandemic hit.
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 March totalled 483 properties compared to 389 in March of last year a increase of 24%. When the severity of the pandemic was realized in mid March of 2020, real estate activity came to an abrupt halt, property showings were halted and many sellers did not want the public in their homes anyway which slowed down the spring market for real estate listings. Note in the chart below the sharp decline in listing activity last year March through April.
The increase in MLS® sales combined with a lack of inventory indicates this is still a Seller’s market. The graph in this report below shows that “active” MLS® listings annually has been trending downwards for the past 10 years while the number of “expired” listings per year is inching upwards. A significant portion of residential sales in the area are in the newer subdivisions that are being constructed and those sales are primarily outside the MLS® System.
Despite stronger sales and prices “expired” MLS® listings continues to inch upwards with 249 expired listings year-to-date compared to 194 in 2020 an increase of 28%, see chart below.
Year-to-date MLS® single family sales of 478 homes is 61% above last year, condo sales or 142 units are up 284% from sales of 37 units 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.
MLS® sale prices have remained extremely strong defying the forecast of a downturn which many predicted in the spring of 2020. The year-to-date list to sale price ratio is 100.4% for the first three months stemming from many properties selling for over their respective asking prices.
The year-to-date median residential price stands at $697,000 driven by increased sales at the upper end. This is up from $482,000 last year or 45%
Year-to-date MLS® single family home sales vary by municipality : Clearview Twp up 243%, Blue Mountains up 70% Grey Highlands up 44%, Wasaga Beach up 63%, Collingwood up 42% while home sales in Meaford are up a more modest 20%.
Year-to-date MLS® single family home sales are strongest at the upper end of the market which is what is driving overall MLS® sales higher. As per the chart below sales are as follows: $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.
Heading into the second quarter of the year I am forecasting that while sales are expected to remain strong, I believe we will see a reduction in multiple offers and some greater stability in pricing. Consumers in many markets across the province are getting tired of the bidding wars and I can’t blame them. The numbers of Buyers out there that are willing to and can afford to pay ever escalating prices is finite and we may be reaching the tipping point where the market overall starts to cool.
As always, Contact Me for a no obligation of your specific selling or buying needs and or objectives. My ultimate goal is to counsel you with “Trusted Advice” and “Proven Performance.”