Southern Georgian Bay Real Estate Stats

Whether you're a homebuyer, seller, investor, or simply curious about real estate trends, our monthly Market Reports are your go-to resource. Stay informed about property values, market trends, and neighbourhood dynamics as we guide you through the ever-evolving world of local real estate. Your journey to well-informed decisions begins here.

Southern Georgian Bay's real estate market in December 2023 showcased distinctive trends and variations compared to the same period in 2022. This report aims to provide an overview of key metrics specific to our region, including the average time on market, average sale price, new listings, and the number of properties sold.

Time on Market:

In December 2023, the average time on market for properties sold in Southern Georgian Bay stood at 44 days, this pace remained unchanged as compared to December 2022. 

Average Sale Price:

The average sale price in December 2023 was $743,649, indicating a 16% decrease from the December 2022 average. This continued declining trend can be attributed to a build up of available inventory coupled with low demand primarily driven by sustained, high interest rates. 

New Listings and Seller Response to Interest Rate Pressures:

Southern Georgian Bay experienced a substantial surge in new listings in December, with 178 properties entering the market. This figure represents a notable 52% increase compared to December 2022. This surge is best explained by Sellers making an effort to get a ahead of any further price erosion that could be experienced prior to the spring demand bump.  Other contributing factors could be upcoming mortgage renewals and sellers trying to get ahead of a spring inventory surge.  

Properties Sold:

Despite the influx of new listings, the number of properties sold in Southern Georgian Bay in December 2023 amounted to 63, indicating a 25% decrease from the same month in 2022. This decline may be attributed to various regional factors, such as buyer hesitancy/interest rates, and seasonal influences mentioned above.  Southern Georgian Bay's real estate market in December 2023 displayed showed numerous trends indicative of a weakening market. While the average time on market and average sale price remained relatively stable, the significant increase in new listings coupled with a decline in properties sold, suggest that we likely see further downward pressure on prices at least until we see a seasonal demand increase that typically comes with the spring season.  Homeowners in Southern Georgian Bay should closely monitor these trends, considering the broader economic context, to make informed decisions in navigating the regional real estate market in the coming months.

Whether you're looking to buy, sell, or invest, now is the time to leverage these insights to make informed decisions in Southern Georgian Bay's dynamic real estate market. Schedule a strategy call today.

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