While October was another strong month in the local market with competing offers and a continued shortage of available properties for sale to meet Buyer demand, the actual number of residential sales in the six key areas of our market (Clearview, Collingwood, Meaford, Grey Highlands, Town of Blue Mountains and Wasaga Beach) was on par with October 2014. There were 145 sales of single family, residential homes last month with an average sale price of $367,907.
A quick peak at the full region shows that the number of new listings is down 10% year-to-date while the number of sales is up 15%. This naturally increases the competition among Buyers resulting in higher prices.
Right now, there are a total of just 87 detached houses for sale in Collingwood with prices ranging from $157,500 for a tear down to over $2.2 million for a waterfront home. If you are looking for say, a bungalow with a basement and garage under $450,000, that number drops quickly down to 5 homes available of which 3 have offers pending. Your chances of finding a home improve if you head west to Meaford where there are 23 homes for sale that match the same description BUT, only 9 of those are in-town with municipal services.
In the Town of the Blue Mountains, there are 129 homes for sale ranging from $154,900 for a modular home to almost $4m for a 5 bedroom home with a view on 25 acres. If you are looking for say a serviced home with at least a 1,000 square feet under $500,000 in this area, your choices go down to 7 homes of which 3 have offers pending.
There are 187 homes for sale in Wasaga Beach but if you are looking for a 3 bedroom, 2 bathroom home with a garage under $400,000, that number drops to 67 and of those, many have offers pending.
There was a slight increase in the number of sales in October (54) compared to the same month last year (49) but in that time, the average sale price has risen from $224,874 to $260,018.
There are 53 condo units for sale in Collingwood as of October 31 with 11 0f those having conditional offers pending. Prices range from $94,900 to 1,095,000 In the Town of blue Mountains, including Thornbury, there are 101 condos for sale but only 25 of those have 3 or more bedrooms with several having conditional offers pending. There are just 13 “legacy” condos for sale around the village, half of which are in Snowbridge.
Here is a closer look at residential sales in our six key areas. Note that there were more homes sold than listed in Collingwood, Blue Mountain and Wasaga Beach last month. In the six areas overall, the sales to listing ratio was over 90% for the month; a figure I’ve never seen in my 26 year career. When you consider that 40-50% is typically considered to be a balanced market, we are well into Sellers’ market territory with the year to date ratio being 57%.
So where do we go from here? My sense is that we will have somewhat lower numbers in the months ahead due only to the impending winter however, demand continues to be strong with a shortage of inventory creating pent-up demand for well into the summer of 2016. It’s a great time to sell and if you can find what you are looking for, there is no good reason to wait to buy either.
Marg is your experienced guide to the Collingwood and area real estate market. Get in touch today.
All MLS® data obtained from the Southern Georgian Bay Association of REALTORS®.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg