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Georgina Real Estate Market Overview
Georgina, Ontario is a real estate market in the Greater Toronto Area, Ontario, Canada. The average list price of a home for sale in Georgina, Ontario was $622,805 in February 2017 . The average sale price of a home in Georgina, Ontario was $666,387 in February 2017 . On average, homes sold for 107 percent of asking price last month, and spent an average of 18 days on the market. A total of 93 homes sold in Georgina, Ontario in February 2017 , which is 6% fewer than last year. The median sale price of a home in Georgina in February 2017 was $620,000 , and the average size of a home demanded was 3 bedrooms and 2 washrooms.
Price growth of homes for sale in Georgina
- Rolling average price growth by region
Moving into the spring market has put Georgina back on track for growth figures similar to March 2016. This price growth demonstrates an early start to the spring market, with price growth from January-February 2017 at a staggering 6%, making the largest month-to-month jump on record in the last 12 months. Smaller submarkets with lower prices have experienced the most growth on a year-year basis. This confirms our thesis that the low-end of the market experiences the most substantial growth.
|
SUB-MARKET |
ANNUAL |
MONTHLY |
|
BALDWIN |
34% |
2% |
|
BELHAVEN |
32% |
0% |
|
HISTORIC LAKESHORE COMMUNITIES |
45% |
0% |
|
KESWICK NORTH |
43% |
8% |
|
KESWICK SOUTH |
28% |
6% |
|
PEFFERLAW |
41% |
7% |
|
SUTTON & JACKSON’S POINT |
20% |
6% |
|
VIRGINIA |
46% |
0% |
Pricing Trends for February 2017
House price growth in Georgina has taken a dramatic shift towards a more luxury-oriented market, with prices surging 6-12% between markets. High demand in the high end of the market has created substantial price growth in the low-end of the market, as buyers are pushed down into lower inventory, and port their capital there.
Higher-priced markets such as Historic Lakeshore Communities have experienced lower growth, but still maintain the most expensive homes for sale within Georgina.
|
Avg. List |
Avg. Sale |
Med. List |
Med. Sale |
|
|
BAL - Baldwin |
$725,750 |
$724,500 |
$749,500 |
$744,500 |
|
HLC - Historic Lakeshore Communities |
$936,200 |
$1,014,300 |
$899,000 |
$1,100,000 |
|
KN - Keswick North |
$657,352 |
$714,158 |
$639,900 |
$665,000 |
|
KS - Keswick South |
$621,828 |
$683,088 |
$599,900 |
$650,000 |
|
PEF - Pefferlaw |
$600,633 |
$610,833 |
$559,000 |
$535,000 |
|
SJP - Sutton & Jackson's Point |
$513,438 |
$506,195 |
$499,900 |
$510,000 |
|
V- Virginia |
$439,675 |
$429,250 |
$444,900 |
$428,500 |
Real estate sales volume
February 2017 has really been reflective of the top-down price growth trends predicted in January. With more and more buyers being pushed out of higher price ranges by price acceleration, the growth of lower price range ($300k-500k) has accelerated approximately 22% faster than higher price ranges (500k+).
- 4 homes sold in Baldwin
- 5 homes sold in Historic Lakeshore Communities
- 19 homes sold in Keswick North
- 39 homes sold in Keswick South
- 9 homes sold in Pefferlaw
- 13 homes sold in Sutton & Jackson’s Point
- 4 homes sold in Virginia
Strong start to the spring market for Keswick
The winter months demonstrated strong investor confidence in markets like Pefferlaw, Sutton & Jackson’s Point, but their strength has been dwarfed by a massive surge in demand for homes in Keswick.
This shift in the market has occurred on an annual basis as demand for family residences increases each year to onset the spring market.
This year, the spring market is off to an early start, catalyzed by the massive growth in price and volume in Keswick South.
Resurrection of high-end price acceleration
As we predicted last month, the price of luxury properties, estate homes, and waterfront homes in Georgina would begin to accelerate with the spring market, and with it, would begin to slowly destroy the entry-level of the market in Georgina.
As this acceleration begins to manifest, it creates a localized price inequality within the Georgina market, as high prices, growing at the same rate, increase by a larger dollar-value than their lower counterparts.
Essentially, it seems that the market is still making progress towards equilibrium, albeit in a rather slow and volatile fashion by comparison to past real estate booms in the Greater Toronto Area.
Investors gaining strength
January 2016 provided perfect insight into the catalyst that created this year’s hot spring market, which seemed to intensify with full force throughout Febuary.
Last month, family utility seemed to dominate the market, with larger, family style homes dominating the market demand. This month, the size of a home demanded increased across the board in all markets except for Keswick South, which seems to be a market where volume is dominated by families purchasing specifically within Simcoe Landing. The market is dominated by the entry-level pushing price upward.
We expect to see this price growth trend continue indefinitely, but the lower end will normalize into its heightened growth pattern to essentially squeeze out the low-end price range of homes for sale in Georgina.
Multiple multiple multiple offers
Keswick’s market continues to dominate for the second month on both price and volume, but some other interesting pieces of the puzzle are falling into place, which we expect to carry through the spring market. S/L ratio was over 100% in all markets, and over 105% in half. Under-pricing has become a relatively common phenomena in the market, with a number of brokers from the southern GTA trading real estate in Georgina. Home sales in Georgina are beginning to behave very similarly to our southern counterparts within the Greater Toronto Area.
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