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LOW INVENTORY KEEPS PRICES HIGH

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Former Southern Georgian Bay MLS® home sales moderate to more average levels in October
Residential sales recorded through the MLS® System for the Southern Georgian Bay region totaled 340 units in October 2021. This was a substantial decline of 32.8% from October 2020.
Home sales were 4.5% below the five-year average and 1.1% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 4,022 units over the first 10 months of the year. This was a small gain of 3.8% 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 217 units in October 2021. This was a substantial decline of 33.4% from October 2020.
Home sales in the Western Region were 3.4% below the five-year average and 0.1% below the 10-year average for the month of October.
On a year-to-date basis, home sales in the Western Region numbered a record 2,401 units over the first 10 months of the year. This was a small gain of 1.1% from the same period in 2020.

Meanwhile, home sales in the Eastern Region, encompassing the Towns of Midland and Penetanguishene the Townships of Tay and Tiny, Severn, and Georgian Bay Townships, numbered 123 units in October 202 This was a substantial decline of 31.7% from October 2020.
Home sales in the Eastern Region were 6.4% below the five-year average and 2.8% below the 10-year average for the month of October.
On a year-to-date basis, home sales in the Eastern Region numbered 1,621 units over the first 10 months of the year. This was a moderate gain of 8.2% from the same period in 2020.

"After the blistering pace from earlier in the year it looks like sales activity has settled down in line with more typical levels in the past few months," said Chuck Murney, President of the Lakelands Association of REALTORS®. "Without any meaningful influx of new listings, overall inventories have continued hovering at their record lows since the beginning of the year
 

Active residential listings numbered 437 units on the market at the end of October, a large decline of 17.5% from the end of October 2020. Active listings haven't been this low in the month of October in more than three decades.
Active listings were 50.5% below the five-year average and 70.6% below the 10-year average for the month of October.
Months of inventory numbered 1.3 at the end of October 2021, up from the 1 months recorded at the end of October 2020 and below the long-run average of 4.7 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.

Consult your Local REALTOR® for market conditions and home value information specific to your neighbourhood.

Info Provided by:

Chuck Murney, President
The Lakelands Association of REALTORS® info@chuckmurney.com