There were 177 sales in July compared to 263 for the same month last year. This is due in large part to the extreme shortage of available properties for sale in the Southern Georgian Bay areas of Collingwood, Clearview, Blue Mountain, Meaford, Wasaga Beach and Grey Highlands.
This was the lowest level of monthly sales since February however, that is also a normal trend in the summer months. There were 321 new listings (compared to 328 last year) suggesting a slight easing of inventory constrictions and a declining sales-to-listing ratio. For the month, 55% of properties listed sold which is still firmly in sellers market territory.
While the number of sales is down, prices continue to climb and this is due again, to the lack of available properties for sale with only 483 homes for sale in our entire region.
One interesting thing we’ve noticed is that several properties that sold firm in the last three to four months didn’t close as buyers defaulted and properties are coming back on the market. This is fall-out from the frenzied conditions we had and buyers taking undue risks.
While conditions have moderated, it is still as seller’s market and we are still seeing competing offers with many properties selling for list price or higher if they are correctly priced to begin with. Properties that are over-priced or not well presented, are starting to sit on the market without offers.
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