Southern Georgian Bay March 2020 & Q1 2020 Market Report
Well it has been quite the start to the 2020 year and it will be interesting to see where the COVID-19 pandemic takes us all as well as the Real Estate Market.
That is not to say that 2020 did not start out strong for the Southern Georgian Bay area as there has been a record year-to-date sales volume of $229,486,902. This is up whole 19% from 2019, with actual units sold increasing from 356 to 385 – a total of 8%.
March did have a lower sales volume than the previous year, though not by much, all things considering. Sales were down only 0.1% to $83,132,186 from 2019’s $83,218,400. However this is to be expected with the measures put in place ensuring everyones safety amongst COVID-19. Unit sales of 144 were down 6% from last year’s 154, while new listings of 303 were up 3% from 2019, but sales/listings ratio of 48% was down by 4%. A clear indicator that had we not been experiencing such limitations come mid-March the month likely would have looked very different.
Despite the current situation we are still seeing a record year-to-date average sale price for Q1 of $596,070. An increase of 10% from one year ago. We are also seeing the average days on-the-market decrease to 56 days, a total of five days less than the first quarter of 2019.
For March specifically, the demand for listings in the area is currently less than the supply. March unit sales were the least since 2014 and down 40% from 2017s high. Volume was the fourth best ever, mainly due to the record average price. New listings and expired listings were up 2% and 36% respectively from last March. Average sale times were down 7 days. The sales/listings ratio was 48% making this a buyers market.
The first two months of 2020 were quite exceptional with respect to volume which increased increased by 32% overall from 2019 and 17% from 2017’s previous record. The first half of March was also record-breaking, up 9% from the prior high in 2017. With the onset of COVID-19, March had two very different different sides, which is evident in the Graphs pictured below. In the latter half of March we saw the sales volume decrease 16% from 2019. The number of units in the second-half of March followed suit, decreasing 32% from the previous year. Despite these decreases the average sale price was up 24% from the first half of March, 2020.
It will be interesting to see what is to come in the market. Stay tuned for updates and as always feel free to contact me directly with any of your real estate questions!