Is the Market going to crash? OR When will prices drop?
Both questions ask the same thing, one just sounds much more dramatic. I usually say the same thing, depending on how far into detail I wish to go .. will it crash, doubtful. Will prices soften, likely. When? Not this month! Those crystal ball questions are fun because most of the time we are doing our best to predict what will happen based on Statistics from the previous month and many other factors.
So .. Want to know what happened in October 2021?
October Sales Volume of $201,333,671, down 13% from October 2020
210 Units Sold, down 34% from October 2020’s 317
New Listings down 10% from October 2020, with only 246
The demand for listings continues to be greater than supply, and this fact is further illustrated with a 100% sale/list price ratio in October. Homes sold in only 28 days, down 9 days from a year ago, and there is currently just one month of inventory. What does this mean? A SELLERS MARKET.
With sales volume, units and new listings all down in October 2021, what does this mean for Year To Date Statistics .. DRUM ROLL
Southern Georgian Bay Region has its FIRST $2 Billion Sales Year with a Volume of $2,032,583,498!
In October the Southern Georgian Bay topped $2 Billion in sales for the *first time*, and is on track to finish the year with $2.2 Billion. To put this into perspective, in 2016 we hit $1 Billion in Sales – doubling that number in less than 5 years!
Record year to date sales volume is up 30% from October 2020.
Record Year To Date Average Sale Price of $869,268, up 31% from October 2020.
Average Days On Market of 21 down from 24 from October 2020
It has been quite a ride, a great one really, for regional home owners that purchased more than 5 years ago with Average Sale Prices up 123% from 2016.
Will the ride come to a screeching halt? We will have to wait and see.
Text, Call, Email – I’m here to explain how the Market will affect your unique situation and how I can help you.
Download
SGB October Market Snapshot
SGB Real Estate Market Report
