Slowing growth in house prices of Georgina Real Estate
Thursday Jun 09th, 2016
Georgina Real Estate Market Report: May 2016
Steady Growth in Real Estate Sales Volume in Georgina
Homes for sale in Keswick continued to lead the way in regards to transaction volume for the month of May, taking an increasing majority of total volume of homes sold in Georgina. As realized last month, this consistent market leadership has continued throughout the spring market, with higher total inventory available in Keswick as the main driver for this conclusion. Total homes for sale in Georgina increased by 9 units for a total of 159 homes sold in Georgina in May:
- 8 homes sold in Baldwin
- 3 homes sold in Belhaven
- 15 homes sold in Historic Lakeshore Communities
- 36 homes sold in Keswick North
- 51 homes sold in Keswick South
- 13 homes sold in Pefferlaw
- 24 homes sold in Sutton & Jackson’s Point
- 9 homes sold in Virginia
Slowing growth in price of homes for sale in Georgina
It appears as though the market has settled on a “new normal” average price for homes in Georgina, in the $500,000 range, and especially considering homes for sale in Keswick South. During April, the apex of the Spring Market, we witnessed price growth in the 10-20% range across the board in Georgina.
Seeing the slowing price growth tells us that this price increase was likely the result of a clear Spring Market manifestation, a shift in the type of home being demanded in the market, with families playing a large role in the buying decision during the school year, aiming for summer closings, pushing first-time homebuyers, downsizers, and empty nesters out for the time being.