Southern Georgian Bay Association of Realtors home sales have cooled off from last year’s record levels

Residential sales recorded through the MLS System for the region totalled 456 units in July. This was down sharply by 39.9 per cent from July 2020.

Home sales were 7.3 per cent below the five-year average and 5.1 per cent below the 10-year average for the month of July.

On a year-to-date basis, home sales totalled a record 3,456 units over the first seven months of the year. This was an increase of 25.8 per cent from the same period in 2020.

The southern Georgian Bay region comprises two distinctive markets.

Home sales in the western region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, the Municipality of Meaford, and Grey Highlands, numbered 220 units in July 2021. This was down sharply by 46.5 per cent from July 2020.

Sales were 9.9 per cent below the five-year average and 8.8 per cent below the 10-year average for the month of July.

On a year-to-date basis, home sales in the Western Region numbered a record 1,761 units over the first seven months of the year. This was an increase of 29.6 per cent from the same period in 2020.

Meanwhile, home sales in the Eastern Region, encompassing the towns of Midland and Penetanguishene, and the townships of Tay, Tiny, Severn and Georgian Bay, numbered 236 units in July 2021. This was down sharply by 32.2 per cent from July 2020.

Sales were 4.7 per cent below the five-year average and 1.3 per cent below the 10-year average for the month of July.

On a year-to-date basis, home sales in the Eastern Region numbered a record 1,695 units over the first seven months of the year. This was an increase of 22 per cent from the same period in 2020.

“Home sales and new listings have both cooled off in tandem from the pace of activity earlier this year,” said Matthew Lidbetter, president of the Southern Georgian Bay Association of Realtors. “Overall supply levels are still low, but have stopped falling for the time being. On a positive note, the market balance, although still in seller’s territory, has moved towards a more balanced position and price levels seem to have topped out.”

The number of new listings was down sharply by 23 per cent from July 2020. There were 638 new residential listings in July 2021.

New listings were 11 per cent below the five-year average and 14.9 per cent below the 10-year average for the month of July.

Active residential listings numbered 692 units on the market at the end of July, a substantial decline of 40.7 per cent from the end of July 2020. Active listings haven’t been this low in the month of July in more than three decades.

Active listings were 49.4 per cent below the five-year average and 68.6 per cent below the 10-year average for the month of July.

Months of inventory numbered 1.5 at the end of July 2021, unchanged from the 1.5 months recorded at the end of July 2020 and below the long-run average of five months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in July 2021 was $373.5 million, a sharp decrease of 25.9 per cent from the same month in 2020.