The local real estate market did not break records this month and actually decreased over last year’s sales, but 2021 is still a banner year for home sales in South Georgian Bay.
“The market can be described as cooling off from red-hot to hot,” said Matthew Lidbetter, president of the Southern Georgian Bay Association of Realtors, in a news release.
Though the number of units sold in June 2021 was down by 12.7 per cent compared to June 2020, sales are still above the five- and ten-year average.
Year-to-date, home sales for the first six months of 2021 were up by 50 per cent compared to 2020, according to the Southern Georgian Bay Association of Realtors and MLS.
There were 563 homes sold in the region last month totalling $485.1 million. Though the number of home sales is down compared to June 2020, the value of homes sold last month was up by 19 per cent compared to June 2020, which is a record for June.
Lidbetter said last month was the third-best June in history.
“On the supply side, the story remains much the same – not enough new supply coming onto the market to meet the strong pace of demand,” he said in the news release.
There were 803 new residential listings in the region in June 2021, and by the end of the month there were 688 active listings in Southern Georgian Bay, which is the lowest number for June in more than three decades.
“Overall supply levels are trending at rock bottom, and, as a result, competition among buyers for this lack of available inventory continues to maintain a tight market,” said Lidbetter.
Home sales in June were nearly evenly distributed between the eastern and western half of the region.
In the west (Wasaga Beach, Clearview, Collingwood, The Blue Mountains, Meaford, and Grey Highlands) there were 287 homes sold in June 2021, which is down by 8.9 per cent compared to June 2020.
In the east (Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay) there were 277 homes sold last month, down by 16.3 per cent compared to June 2020.
