Slow and steady. Georgina Real Estate, 2-year price average
Wednesday Mar 06th, 2019
Now let's unpack and explore this crazy microcosm of affordable housing in York Region and figure out why we're outperforming everyone south of us (relatively, of course.)
Looking at the year-over-year change, we've got growth of something like 10% from February 2018 to February 2019. I see this year over year figure used incessantly to feign market growth. Isolating a single month to create an annual growth figure is stupid. Especially considering how much the spring market plays a role in average price creation for the entire year in a market like Georgina.
Georgina's average prices have bounced along a sort of predictable volatility that shows no trend upward or downward. Obviously we're down since the infamous "peak" of March 2017, but honestly, we're seeing a little bit of average price suppression, and nobody seems to be talking about it. We are seeing growth in median price which tells me that there's a bit of a selection bias here, and that we're at the onset of the spring market, because bigger, more expensive homes are selling. This is a result of the demand during the spring market, which is increasingly families targetting a summer closing. Families characteristically buy bigger homes than other buyers. Bigger homes are more expensive. House prices didn't increase from January to February, they type of house demanded changed.