Southern Georgian Bay April 2020 Market Report
Normally in April we are in the full swing of the Spring market, however there is no doubt that the current state of the market reflects the effects of the COVID=19 Pandemic.
The sales volume for April 2020 has been recorded at $34,170,700, down 65% from the previous April. This is a large reflection of the decrease of units for sale which was recorded at 67 in comparison to 2019’s 182. New listings this past month also took a hit and were down 55% along with the sales/listing ratio of 41% which is normally seen to be at least 10% higher. The one thing that keeps climbing the latter is Southern Georgian Bay’s average sale price was increased 7% from the previous April to $583,043 from $544,144.
We are currently in a buyers market seeing a demand for listings to be less than the supply. Though Q1 was quite strong out of the start gate the influence of the pandemic undoubtedly caused the drop in demand due to the uncertainty of the economy.