Real Estate Market Update | Collingwood/Southern Georgian Bay, January 2021

2021 was off to a strong start with Buyers out in full force and the demand for a property in the Western Region of Southern Georgian Bay remaining strong.

 

 

With ongoing travel restrictions imposed due to the pandemic, and the continuing migration out of the Greater Toronto Area (GTA) to find space and privacy, many families continued to seek out and embrace Southern Georgian Bay’s four seasons lifestyle. Notwithstanding the lack of listings available, an impressive 127 sales were reported in January 2021 vs 109 sales for the same period last year, which represents a 16.5 % increase year over year. Demand continued to exceed supply as many local residents chose to stay in their homes for the time being, rather than making a move. This lack of movement drove new listings down dramatically; 39.2 % year over year, with 138 new listings coming to market in January 2021 compared to 227 last January. Active listings dropped to a low of 166 at month’s end in January 2021 from 551 in January 2020, marking a significant 69.9% decrease, and demonstrating just how tight the market was. Buyers with the means and stamina competed in bidding wars, often making offers well over list price, which pushed the Sales to List Price Ratio to 103.5 and helped to drive the average sale price in the Western Region up to a staggering $816,964; a 29.9 % increase over last year, where prices were already at record highs. The dollar volume for January 2021 climbed 51.3 % over last year. Buyers needed to be prepared to act quickly as many properties were selling as soon as they hit the market. Median days on market was just 18. Months of Inventory remained near record lows of 1.3 for January vs 5.1 months in January 2020. It appears that as the pandemic continues to shape our decisions and choices, the Western Region of Southern Georgian Bay is set for another busy year, fuelled by low borrowing costs and continued pent-up demand. As always, affordability remains the big concern.