While COVID 19 continues to negatively impact our daily lives, its effect on real estate across the southern Georgian Bay region has been quite the opposite in recent months helping to set new records during 2020 in terms of MLS® sales volume and overall demand for area properties.

Total MLS® dollar volume in 2020 through the MLS® System of the Southern Georgian Bay Association of REALTORS® totalled $1.714 billion, up over $630 million or 58% from sales of $1.084 billion in 2019 and $806 million or 88%% greater than in 2018.

MLS® unit sales for 2020 totalled 2,606 properties, 496 more or 24% higher from the 2,110 MLS® sales reported in 2019.

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.

While December is normally a slower month as we head into the holiday season, such was not the case this year.  Total MLS® dollar volume for the month of December was $119 million up 137% from sales of $50 million in December 2019.

MLS® unit sales in December of 134 properties were up 48 units or 55% greater from the 86 properties sold in December 2019.

New MLS® listings in December totalled 161 properties up from 148 in December 2019.  For 2020, there were 4,168 new MLS® listings during the year down from 4,432 new MLS® listings in 2019.  As noted on the graph below, MLS® listing activity took a sharp drop in April of this year with the onset of COVID 19.  Many sellers simply chose not to list their homes or suspended their listing as they did not want people viewing their homes due to the pandemic.

Expired MLS® listings in December totalled 641 properties this was 42 properties more than December 2019.  For 2020, the number of expired MLS® listings totaled 4,281 properties just 30 more than in all of 2019.

While some predicted a drop in sale prices stemming from the pandemic & economic downturn such has not been the case.  For 2020 the annual MLS® list-to-sale price ratio was 98.3% versus 97.6% for 2019. Multiple offers with over list price sale prices have helped to drive this increase in the list-to-sale-price ratio.  Clearly, ongoing low mortgage interest rates have allowed consumers to spend more on a property purchase than they perhaps need to our should and I will comment more on this in future posts.

For 2020 the residential “median” sale price was $613,274 up from $516,540 or almost 19% from 2019.  The higher list-to-sale price ratio played a part as did the significant sales increase we saw for homes price $800,000 and higher.

For the full year, MLS® single family home sales in 2020 totalled 1,617 units an increase of 344 homes sold 27% more than the 1,273 home sales reported in 2019.

Condo sales which softened during the first six months of 2020 rebounded strongly through the summer and fall with total sales for 2020 of 602 units versus 453 sales in 2019 an increase of 33%.  Sales in both of these categories may well have been higher if not for a shortage of MLS® inventory listed for sale.

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 area municipalities increased fro 5% to 55% in 2020 as follows: Collingwood up 7%, Clearview Township up 5%, Blue Mountains up 55%, Municipality of Meaford up 23% while sales in the Grey Highlands and Wasaga Beach were up 42% and 40% respectively.

MLS® single family home sales in 2020 were the strongest from $800,000 and up.  As per the accompanying chart, year-to-date sales from $800,000 to $1,499,999 are up from 116% to 163%. Sales $1.5 to $2 million were up 213% whiles sales over the $2 million mark were up a whopping 500% over 2019.

 

As we head into 2021 demand for area properties is expected to remain strong.  Whether we can repeat or exceed the record level of MLS® sales we saw in 2020 remains to be seen and with the global pandemic still raging, that is a factor that cannot be ignored.  Further, last September it was reported that overall, Canada’s mortgage debit exceeded $1.7 Trillion.  That too is a factor that cannot be cast aside and I will comment on that in future posts.

Please feel free to Contact Me for a no obligation confidential conversation about your specific real estate needs and or objectives.  As a real estate Broker with over 20 years of experience and whether you are selling, buying or both, I pride myself on providing my clients with accurate, up to date market information and insight that will help you to make informed decisions for your full time or recreational property needs.

Stay safe and stay healthy.