While the demand for real estate sales across southern Georgian Bay remains well ahead of 2020, the market is steadily slowing down.
Total MLS® dollar volume in July of $193.2.8 million was down $103.6 million from July 2020 a decrease of 35%. Sales in July of 2020 posted a strong rebound following the arrival of COVID 19 in March of last year when the market was all but halted.
MLS® sales in July were down 224 units or 50% with 227 fewer sales than the 451 properties sold in July 2020.
Year-to-date MLS® sales total $1.617 billion up $726.8 million or 80% from $890.5 million in the first seven months of 2020 when the pandemic effectively derailed the market.
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 July totalled 436 properties down from 470 in July 2020. Year-to-date new MLS® listings are 56% fewer than last year. At the same time expired listings are up 15% keeping in mind that many expired listings get re-listed often at a revised price. A pattern is emerging here, MLS® dollar and unit sales have been decreasing each month since March. We are also seeing a return to price reductions in significant numbers and values. Over the past one to two years there appeared to be no such thing as “asking too much.” Regardless of how high the asking price was, multiple offers with competitive bidding had a tendency to drive inflated prices even higher. That clearly is no longer the case.
July YTD MLS® single family sales total 1,277 up 31% from 975 homes sold last year, condo sales of 384 units are up 45% while sales of vacant land have risen 79% from one year ago.
The year-to-date list to sale price ratio after seven months is 102.3% compared to 98.4% last year but for the month of July only, the list to sale price ratio was 98.7% compared to 103.1% a month earlier in June.
The year-to-date median residential price is $797,000 driven by increased sales above $500,000 and especially from $800,000 and up.
All of the above numbers including reduced sales activity, a drop in the list-to-sale price ratio, the re-emergence of price reductions and properties are lingering for sale longer would clearly illustrate the market has slowed. Some would argue market activity is down because it’s summer and the holidays are in play but July and August have often been some of our busier months of the year and the above graphs clearly reflect that.
Year-to-date MLS® single family home sales by municipality: Clearview Twp up 82%, Blue Mountains up 71% Grey Highlands up 49%, Wasaga Beach and Collingwood both up 51%, sales in Meaford are up 75%.
Year-to-date MLS® single family home sales are strongest at the upper end staring at $800,000 and above with home sales in these segments up anywhere from 173% to over 200%.
As we head through the balance of the summer and into the fall, it will be interesting to see if the downturn in real estate sales activity continues. Anyone that knows me is aware that I watch and analysis market statistics closely and I fully expect we will continue to see conditions move to a more balanced market which is a good thing for Buyers and Sellers alike.
Watch this blog for further updates which I will provide regularly. As professionals, our job ad REALTORS® is to provide you with knowledgeable, quantified information that will help you make informed decisions about your real estate selling and buying needs/objectives. Never is this more important than when the market is shifting and every indication which reflect that it is.
Contact me if you have any questions or for a no obligation consultation regarding your particular needs or visit my “Free Market Reports” page to access additional information. In the meantime I wish you and your family a great summer.