March 2016 Georgina Real Estate Market Report
The Georgina Real Estate Market at a Glance
We've come across a two major conclusions this month:
- New home supply continues to drive consumer buying patterns on both price and location.
- There is a massive surplus of buyers, and not enough homes to sell them
What this means, essentially, is that:
- homes are selling faster than normal;
- homes are selling for more money than normal;
- homes are spending less time on the market;
- homes are more frequently going into multiple offer situations.
The month of March has presented us with a very interesting mix of emotions towards the Georgina Real Estate market. We've seen a marginal effort on the part of major financial institutions to exercise caution towards lending, with RBC recently increasing their mortgage rates, although this sentiment has been unmet by other banks.
With all systemic analysis aside, things are looking a little more "bubbly" than they have for the past year or so, but the spring market does always tend to bring out that quality, especially in Georgina, since the Highway 404 reached Ravenshoe road, and we officially became a key player in the housing market in the Greater Toronto Area.
Georgina's spring real estate market looks different this year for a couple of reasons. The first reason is that we're seeing a huge shift in demand that parallels the construction of new housing supply. Major new housing supply is coming online in Sutton, and in Simcoe Landing (Keswick South), but there isn't really much going on elsewhere. These two areas continue to take a higher and higher portion of the total market real estate sales volume, month after month.
The spring real estate market has arrived in Georgina.
Keswick South continued to lead in homes for sale in Georgina, claiming 28 of 88 homes sold. We are witnessing continued increase in market share from both Keswick South and Sutton & Jackson’s Point, moving 29% to 32% and 23% to 24% of total this month, respectively. New home sales in Georgina recorded on the MLS represent the biggest driver of real estate sales for Keswick South and Sutton & Jackson’s Point.
Based on the data available, subdivision homes have been the most popular homes for sale in Georgina this year.
- 3 homes were sold in Baldwin
- 0 homes were sold in Belhaven
- 10 homes were sold in Historic Lakeshore Communities
- 13 homes were sold in Keswick North
- 28 homes were sold in Keswick South
- 9 homes were sold in Pefferlaw
- 21 homes were sold in Sutton & Jackson’s Point
- 4 homes were sold in Virginia
- Keswick real estate: lowest average days on market for homes for sale in Keswick North and Keswick South.
- Homes for sale in Sutton & Jackson’s Point are increasing in market share as a percentage of total.
- Rural Properties in Georgina seem to be transacting slower and less often, with only 3 homes sold in Baldwin and no homes sold in Belhaven.
- Lakefront Properties in Georgina seem to be taking time to pick up with the spring market. We expect this market to intensify as Lake Simcoe’s utility increases with warmer weather bringing more traffic to lakeshore communities.
Noticeable lack of inventory of homes for sale in Georgina.
We’ve also seen a continued increase in high-value transactions in all areas, and another interesting conclusion: the price floor is moving upwards. Essentially, the “low” end of the market is increasing at a very swift pace.
The reason for this increase is the high number of buyers searching in the $250,000-$400,000 price range, which has been seemingly pushing the high volume of homes sold in Sutton & Jackson’s Point. Georgina has essentially become the only place left in the Greater Toronto area where buyers can find high quality detached home within this price range.
Finally, an interesting note - the average home sold in Georgina is getting bigger. Demand is increasing across the board and homes are selling in record time, at record prices.
Baldwin, Ontario Home Sales Overview
Historic Lakeshore Communities Home Sales Overview
Keswick North Home Sales Overview
Keswick South Home Sales Overview
Pefferlaw Home Sales Overview
Sutton & Jackson's Point Home Sales Overview
Virginia Ontairo Home Sales Overview