Real estate market cools, down 39%
After 12 consecutive months of record setting sales, the local real estate market appears to be cooling somewhat.
The number of July home sales recorded through the MLS system for the Southern Georgian Bay region was down 39.9 per cent from the same month last year. Even with that sharp decline, year-to-date sales are up 25.8 percent from 2020 levels.
The drop in sales was most pronounced in the western part of the region, which includes Clearview, Collingwood, The Blue Mountains, Wasaga Beach, Meaford and Grey Highlands. In July, 220 sales were recorded down 46.5 per cent from July 2020. That puts July sales 9.9 per cent below the five-year average for the month. In the first seven months of the year, a total of 1,761 homes were sold in the western region, up 29.6 percent from the same period in 2020.
Matthew Lidbetter, president of the Southern Georgian Bay Association of Realtors reports that home sales and new listings are cooling off in tandem. Overall supply levels are still low but have stopped falling for the time being, leading to a greater balance in the market. Price levels seem to have topped out.
There were 692 active residential listings in all of the Southern Georgian Bay region at the end of July, the lowest level for July in more than three decades. Months of inventory (the number of months it would take to sell current inventory at the current rate of sales activity) currently sits at 1.2 months, unchanged from the months of inventory number for July 2020.