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February 2022 | Real Estate Market Report
Dated: March 4 2022
REAL ESTATE MARKET REPORT | FEBRUARY 2022
Southern Georgian Bay Area
In February 2022, The Lakelands Central area saw a 36.7% increase in residential home prices from February 2021; this resulted in an average sale price of $1,028,063. The area saw an 11% decrease in new listings, as well as a 12.4% decrease in the number of properties sold. Properties are selling quickly, with a median of 8 days on the market. The Lakelands Central Area continues to remain a very strong seller’s market, with less than a month of available inventory.
The Town of Midland’s Real Estate market continues to be very strong. In February of 2022, the average residential sale price was just over $672K, a 4.5% increase from the previous year. The town saw 31 new listings in the month, and 24 sold properties; a solid increase from January 2022’s numbers. Midland remains in an incredibly strong seller’s market with 0.7 months of inventory and a median of 7.5 days on market.
Residential properties in Penetanguishene saw a 17.8% increase in the average sale price for February of 2022 when compared to the same period last year. The town saw 12 new properties listed; and 8 firm sales, which is down 20% from February 2021. With only one month of available inventory, the area continues to be a strong seller's market with listings remaining on the market for a median of 5.5 Day
Tay Township saw a 20% increase in the number of new listings in February when compared to 2021’s stats. Residential home sales doubled, for a total of 26 sales last month. The average sale price rose by 23.1% for a difference of over $165K. Tay’s residential real estate market continues to be a strong seller's market with 0.6 months of inventory, and a median of 9 days on market.
The township of Tiny’s real estate market continues to be strong. February’s average sale price was $922,403, 25.2% higher than February 2021’s prices. Tiny saw a large decrease in the number of new listings and properties sold, down by 23.7% and 39.1% respectively. Residential property inventory is on the rise, with 2.1 months of available inventory. The township remains in a seller’s market, with properties selling with a median of 9 days.
In February of 2022, Oro-Medonte had a notable 43.7% increase in the residential sale price, for an average sale price of $1,351,437. New residential listings were down 2% from last year, but are up from the previous month. There were 36 sold properties last month, which is no change from the 2021 stats; and there was a very slight decrease in the number of new listings. Properties in Oro-Medonte sell in a median of 8 days; and there is less than one month of available inventory, making it a very strong seller's market.
Springwater Township saw a considerable 55.6% increase in the average residential sale price in February 2022. When compared to 2021, prices are up more than $518K! While there was a slight increase in the number of properties sold, the number of new listings was down 26.9% from February 2021. With only 0.4 months of available inventory, residential properties in Springwater are in high demand and remain listed for a median of 7 days.
The City of Orillia’s residential home prices were up 25.5% when comparing February of 2022 to 2021; for an average price of $777,362. Orillia saw a substantial decrease in the number of new listings and properties sold, down 29.4% and 46.4%. The city remains a strong seller’s market, as residential inventory continues to be very low with 0.8 months of available inventory. Homes remain on the market for a median of 7 days.
In February of 2022, the average price of Waterfront properties in the Lakelands Central area was up 25.4% when compared to the same period in 2021. This resulted in an average sale price of $1,447,549. There was a slight decrease in the number of properties sold, for 16 firm sales in February. The number of waterfront properties listed is up by 14.3% from last year, but there is still a strong demand with just 1.2 months of available inventory. At this time, listed homes remain on the market for a median of 11 days.
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Jim Hawke – Broker of Record, and Michele Hawke – Accounting & Deal Clerk I would like to take this opportunity to introduce the founding members of Team Hawke Realty. Jim Hawke started his real....