4th Quarter Real Estate Market Report 2019
The 4th quarter brought a fall or mild weather with a few significant wind storms. However, there was no such turbulence in the Real Estate market in the western district of Southern Georgian Bay. Once again, the Real Estate market stayed strong with a continuing upward trajectory in year over year sales. The number of new listings was up from December of 2018 with a 10.3% increase year over year. All areas of the Real Estate market in the Western Region of the Southern Georgian Bay Area were steady and showed proven sustainability in equity. While the temperatures were dropping and the early snow was thought to be ushering in an early and long winter, the statistics in Real Estate continued to go up. The good news for sellers is that the average price of property rose by an incredible 20.7% year over year. Also, with inventory growth due to ongoing developments in the Western District, there is a corresponding increase in the re-sale market, as individuals invest in new-builds. As this area is a welcoming destination for all demographics of residents, the market for all property types continues to grow accordingly. This will continue to be the case as more new developments are approved. Another factor is the trend to building on vacant lots in town, renovating older homes and infilling in areas which appeal to most buyers. Looking back at the 4th quarter of 2019: The average price of a home sold in December 2019 in the western area of Southern Georgian Bay was $594,714 an increase of 20.7% year over year. Remarkably, the ratio of sales to new listings was 75.4%…which is surprising considering the increase in listings. This statistic further illustrates that the market remains very strong. In fact, if the current rate of sales activity continues, the entire inventory would sell in less than 5.2 months, which is not unusual for the period leading up to and including the holiday season and actually less time than the fourth quarter of 2018. Also record –breaking was the total dollar value of all residential transactions for 2019 for the Western District of Southern Georgian Bay which was $ 1.095 billion, up 21.7% from 2018. The Real Estate market continues with good news for Sellers, while still showing a wider variety for Buyers (in both product and price range), even as inventory remains pretty low. The Southern Georgian Bay Real Estate market is still in an upswing. Ongoing proposals being suggested and/or implemented for changes in mortgage rules, one way or the other, depending on the political will, could affect the dynamics of the market. Time will tell. Investment in property in the Southern Georgian Bay Area is well worth considering as prices continue to be on the rise. The area continues to grow and attract new businesses, increased services and many choices for all lifestyles. Do you have a property to sell or are you interested in buying? For top-notch service and value, give Clairwood Real Estate a call at 705-445-7085.