For the most part, market activity in the southern Georgina Bay area has remained strong as we approach the end of 2021 but signs continue to indicate that the frantic pace we have seen over the past couple of years is slowing down.

For the first time in 5 months, total MLS® dollar volume in November of $192 million was up 3% from $186 million in November 2020 whereas monthly sales  July through October were all below last year’s levels.

MLS® unit sales in November were down 18%, with 201 sales in 2021 compared to 246 in November of last year.  MLS® dollar volume continues to be driven by sales at the upper end of the market which are residential properties priced above $800,000 as indicated in the chart further below.

Year-to-date MLS® sales now total $2.485 billion up $608 million or 32% from $1.877 billion in the first eleven months of 2020.  Not too many years ago $500 million in MLS® annual sales was a big year, but as the area has grown, times have changed thus increasing sales volume significantly.

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 November totalled 414 properties down from 465  or 11% from last year.  Year-to-date new MLS® listings are slightly below 2020 with 3,952 in 2021 versus 3,973 a year ago.

MLS ® dollar and unit sales have been softening in the latter half of 2021 and we are seeing a return to price reductions in significant numbers and values as Sellers try to lure potential Buyers in a softening market.

November YTD MLS® single family sales total 1,898 down 2% from 1,935 homes sold last year, condo sales of 576 units are up just over 1% while sales of vacant land have risen 12% from one year ago totalling  256 properties.

 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.

The year-to-date list to sale price ratio is 100.8% compared to 98.5% last year.  The list-to-sale price ratio has been declining monthly from a high of 102.7% back in April driven by fewer multiple offers where properties typically sell for well above asking.

The year-to-date median residential price is $728,845 due to increased sales above $500,000 and especially from $800,000 and up.  This number is up just over $10,000 from $718,419 in October.

All of the above numbers including reduced sales activity, fewer multiple offers, a drop in the list-to-sale price ratio and the re-emergence of price reductions would clearly illustrate the market has shifted.

Year-to-date MLS® single family home sales vary by municipality: Clearview Twp up 20%, Grey Highlands up 13%, Meaford up 6%, Blue Mountains down 18% with Collingwood & Wasaga Beach each down 9% from one year ago.

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 68% to 106%.

While we still have a strong market the inventory of properties listed for sale on our MLS® System remains lower than the overall demand and I expect this will continue through the winter months until we get closer to the spring.

As a real estate Broker with over 20 years of experience I follow market activity very closely and I have seen and experienced personally both the ups and downs of the overall real estate market.  Simply put, the increases we have seen in sales and prices across virtually all markets in Canada is not sustainable nor is it healthy.  Clearly we are overdue for a market correction and it’s not a matter of if but when.  As stated herein and reflected in the above charts, the market has clearly slowed down and blame cannot be placed strictly on lack of inventory as some would have you believe.

Once the books have been closed at the end of December I will be doing numerous blog posts on what the market did in 2021 and where we may be headed in 2022.  Never in my lifetime and not likely in yours have we been through a global pandemic the magnitude of COVID 19.  This has not only disrupted our personal lives but the global economy as well on many fronts and only time will tell how soon we will recover, the affect it will have on the Canadian economy and others, the availability of products consequently inflation, interest rates and yes real estate activity and pricing.

Please feel free to Contact Me for a confidential, no obligation consultation about your real estate buying or selling objectives in the months ahead.

Best wishes for a safe and healthy holiday season to you and yours…..