A look back at August 2020 compared to July 2020 and why it’s a great time to list your Property for Sale.
What a great Summer we had on Georgian Bay, but where did it go? Let’s hope for some warm and sunny Fall weather over the coming weeks. As quickly as summer flew by, the housing market continued to gather pace too.
The housing market has continued to rebound during Covid 19 and July saw large increases across the board compared year over year. This trend has continued into August and we’ve actually seen, on average a 18.3% raise in the amount of home sales in Midland, Penetanguishene, Tiny Township and Tay Township.
During August, buyers were flocking towards Tay Township where we saw a remarkable 285% increase in the number of homes sold compared to July. Tiny Township proved to be the most popular community among buyers as 39 sales were recorded in August.
It’s not just the amount of homes that has risen, house prices are also going up. The sale price of Homes in August 2020 has increased, on average 1.3% between Midland, Penetanguishene, Tiny and Tay. Although a modest increase across our communities combined, in Penetanguishene, we saw the average sale price rise 16.9% to $529,445 in August.
Whilst the number of homes and the sale price have both risen, we are still seeing a shortage of inventory on the market. Bearing in mind that despite there being fewer homes available, there has been an increase in Sale Price and Homes Sold – this means that it’s a GREAT time to list your property for sale.
Lower inventory and motivated buyers drives the prices of property up and right now, we have both in our community. Now is the perfect time to list your property for sale with For Sale On Georgian Bay.
Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.
All data correct as of September 17, 2020, data gathered by the Ontario Collective based on August 2020 vs July 2020.