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22-Jul-2020

Real estate demand remains keen in the midst of a pandemic


Covid-19 pandemic neighbourhood

BY MATT WEBB-SMITH — The pandemic lockdown, followed by the gradual reopening of the economy has made for an 'interesting' year to date, to say the least. With many people furloughed and concerned about our family’s health, our kids’ education, and generally dealing with uncertainty on a number of fronts, it would not be surprising for the real estate market to have been effected by COVID-19, much like the economy overall.

However, a combination of record low inventory and insatiable demand in the market in Grey Bruce has continued since last winter with prices not only holding year-over-year but, in fact, rising and available properties moving quickly as demand from buyers remains keen.

Property prices in Grey County typically have increased by double digits year-over-year. In fact, May/June 2020 has seen this trend continuing with May showing a 37% increase over 2019.

According to the most recent stats available from the Real Estate Association of Grey Bruce (RAGBOS):

"Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totalled 369 units in June 2020. This was a large increase of 37.7% from June 2019."

In addition to an increase in the volume, the numbers show that the average sale-price of properties sold, increased by 21% in June over the same period last year. This is a trend that we have seen across the County going back at least four years. Even in the midst of the pandemic in April, when gross sales across Grey County were down by 50%, the average sale price went up 4%!

This market is driven by a number of factors but essentially much of it comes down to record low supply and insatiable demand for recreational and rural properties from GTA buyers. Farther up the Peninsula in Owen Sound and beyond properly priced properties are selling in as little as a day as buyers are quick to move in this market.

Like planting trees, the best time to get into the real estate market is now and you will see your investment grow. And, if you are looking to move, downsize or cash out of your Grey County property the market is ready and waiting. Call me for a free assessment and I can help you consider your options.

 

matt webb-smith

 

Matt Webb-Smith is a Licensed Realtor with Sutton-Sound Realty Inc., Brokerage.

For a free home appraisal you can contact him at matthewwebbsmith@gmail.com

 

 


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Updated March 12, 2020.

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