SCARCITY FUELS BUYER FRENZY
February 2021 was another record breaking month in the Southern Georgian Bay Region. Unprecedented low inventory coupled with soaring demand for our region has resulted in double digit price growth. Multiple offers and over asking price outcomes have become the norm with Sellers reaping the rewards while Buyers fight to establish a foothold in our region.
There are a number of factors that continue to fuel our strong market conditions including record low interest rates, increased demand for weekend properties, remote working feasibility, buyers exiting the city etc. It would take months for our market to return to balance which can be caused by a decrease in buyer demand or an increase in the supply of homes available for sale, neither of which we predict will change much over the coming months.
Buying and Selling in a fast paced market comes with a unique set of challenges and rewards. It is more important than ever to have a trusted advisor that has a deep understanding of our market and is experienced with navigating the current conditions.
Across the Region the Statistics for February Show:
Average Price: $806,951
In February we saw +55 new listings come to market bringing the total amount of active listings for the month to 51 , a decrease of -69.5% compared to the same month last year. There were 44 sales recorded in February with successful offers averaging +4.6% over the asking price. The average days on market for homes listed for sale was 11 days. Months of inventory of homes available for sale was 1.2 months (anything less than 4 months of supply is considered a Sellers market).
Average Price: $824,862
In February we saw +79 new listings come to market bringing the total amount of active listings for the month to 60, a decrease of -45.5% compared to the same month last year. There were 50 sales recorded in February with successful offers averaging +7% over the asking price. The average days on market for homes listed for sale was 8 days. Months of inventory of homes available for sale was 1.2 months (anything less than 4 months of supply is considered a Sellers market).
Average Price: $755,229
In February we saw +17 new listings come to market bringing the total amount of active listings for the month to 17, a decrease of -56.4% compared to the same month last year. There were 17 sales recorded in February with successful offers averaging +1.7% over the asking price. The median days on market for homes listed for sale was 15 days. Months of inventory of homes available for sale was 1 month (anything less than 4 months of supply is considered a Sellers market).
Average Price: $905,069
In February we saw +18 new listings come to market bringing the total amount of active listings for the month to 13, a decrease of -72.3% compared to the same month last year. There were 16 sales recorded in February with successful offers averaging +5.9% over the asking price. The median days on market for homes listed for sale was 10 days. Months of inventory of homes available for sale was 0.8 months (anything less than 4 months of supply is considered a Sellers market).
Want to take a deep dive into the numbers to better understand what is happening with the local real estate market? Each month we prepare a comprehensive analysis of the statistics.
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