Georgina’s March 2024 Real Estate Report: A Detailed Analysis
In a surprising turn of events, Georgina’s real estate market witnessed a slight downturn in March 2024, with average home prices experiencing a dip. The Toronto Regional Real Estate Board revealed that the average price of a home in the area settled at $903,507, marking a 3.1% decrease from the previous month. This shift represents a $28,746 drop from February 2024 and a more notable 13.9% decline, translating to a $146,096 decrease when compared year-over-year to March 2023.
The dynamics of the market showed some positive elements as well. Home sales climbed to 69 after spending an average of 21 days on the market. This figure represents an 11.3% increase in sales, coupled with a significant 36.8% rise in active listings, which totaled 156 by the end of March.
Breaking Down the Numbers by Housing Type
Different types of housing witnessed varying trends in their pricing over the same period:
- Detached Houses: The average price saw a slight decline of 0.9%, settling at $939,994. This represents a decrease of $8,409 on a month-over-month basis and a 14% (or $152,986) drop compared to the same month the previous year. In terms of sales, there were 55 transactions, with properties spending an average of 20 days on the market.
- Semi-Detached Houses: Bucking the general trend, semi-detached homes experienced a substantial price increase, averaging $905,000, up 50.8% or $305,000 from the previous month and a 27.3% or $194,000 increase year-over-year. The sole semi-detached house on the market took seven days to sell.
- Attached Houses: These properties saw a modest increase in their average price to $814,156, up 0.8% or $6,656 month-over-month, though a slight 0.4% or $3,344 decline year-over-year. There were nine sales, with homes spending an average of 22 days on the market.
- Townhouse-Style Condos and Apartment-Style Condos both experienced increases in average prices, with the former selling at an average of $730,000 and the latter at $559,967, up 2.7% or $14,967 from both the previous month and year-over-year.
Long-Term Market Trends
A decade-long retrospect reveals a staggering growth in Georgina’s real estate values across all housing types since March 2014:
- Detached houses have seen an increase of 156.3%, gaining an average of $579,143 in value.
- Semi-detached houses witnessed a similar growth, with values increasing by $575,000.
- Attached houses experienced a growth of $494,556, while townhouse-style condos rose by $475,500 in value.
- Apartment-style condos also saw significant increases, with an average gain of $338,217.
The shifts in the Georgina real estate market reflect the broader trends affecting housing markets across various regions. Despite the slight decrease in average home prices in March 2024, the long-term growth trajectory remains positive. The increase in home sales and listings suggests a dynamic market that continues to attract buyers and sellers alike. As trends continue to evolve, it will be interesting to observe how Georgina’s market will adjust in the upcoming months.
