By: Kat Anderson
Georgina’s hot real estate market continued through August. Sale prices were up nearly 27 per cent compared to same time last year. That’s the third-highest price growth in the GTA, behind King and Oakville.
According to TREB, the average selling price for all freehold sales in Georgina was $710,451 compared to $552,132 in August last year. The listings inventory dropped by 47 per cent compared to the same month last year, creating a shortage of options for buyers. Most listings were selling within three weeks on the market with 98 per cent of the asking price on average.
Having a property reasonably priced, sellers can count on a getting an offer within a week or two on the market. However, sellers must be prepared that most offers entail conditions, such as financing and home inspection.
That means that the sale will be conditional upon buyers arranging their financing within a specified number of days and/or inspecting the property and finding the inspection report satisfactory in the Buyer’s sole and absolute discretion. Conditions usually take 5-7 business days to fulfill.
The hot market this summer may be attributed to Toronto buyers. The COVID-19 pandemic altered their life-style and perspectives. Trading a condo in Toronto to a three-bedroom home near a lake became an attractive idea to people who can work remotely. While it’s hard to predict next spring’s outlook, Georgina’s real estate market is most likely to keep robust throughout this fall.
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