Condos are a very significant part of our market. They represent about a quarter of all sales in our area with 92% of those being in Collingwood and the Town of Blue Mountains.
In Collingwood last year, condos represented 43% of all residential sales and 44% in the Town of The Blue Mountains.
There were 443 condo sales in the 6 key areas with an average sale price of $227,320 – down 1.3% over 2014. Here is a chart showing the breakdown of average resale prices, by bedroom in 2014:
As of December 31, there were 80 condominiums on the market in Collingwood and, 106 in the town of the Blue Mountains. In Collingwood, this represents a 3-4 month supply of “inventory” based on sales trends in the last six months whereas in the Town of the Blue Mountains, the supply is over 8 months. As both represent a healthy supply, I doubt we will see substantial pressure on condo prices in the first half of the year and beyond that depends on the number of new listings that come to the market. An exception to this will be in-town condos suitable for full-time occupation and rental. Investors coming to the marketplace as well as first time home buyers are likely to result in increased prices in these units. In the Town of Blue Mountains, we may see continued downward pressure on resale prices where the supply substantially exceeds the demand.
All data compiled from MLS® statistics of the South 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