September saw a return to more balanced market conditions similar to what we saw in September 2016.
Supply continues to be a challenge with the number of active listings down compared to last month with fewer new residential listings but this is on par for the time of year. The number of sales last month were also down from August which may in part be due to the fewer number of properties available combined with less urgency from Buyers as we saw over the spring and early summer months.
The year-to-date sales to listing ratio is about the same as it was one year ago at just over 65%; firmly still in Seller’s market territory. While the total number of sales YTD is down 9.8% compared to this time last year, the number of listings is down by 12% and the dollar value of sales is up 11%.
Sales are up in all price ranges over $500,000 compared to a year ago reflecting higher pricing in the local market. Single family residential prices year-to-date are up from 16.9% to 30.1% in all of our six key areas over September 2016.
One noteworthy area of the market is in waterfront properties where very few were listed this year and almost all sell for over asking almost instantly except some located along highway 26. Prices are surprising with a recent sale this week over $1.3m for an 800 sq ft cottage on a 75 foot waterfront lot.
Another area where demand far outstrips supply is in STA (short term accommodations permitted) eligible condo units at Blue Mountain. These almost always attract multiple offers over the asking price with some surprising sale prices. A 2 bedroom unit in Rivergrass recently sold for over $440,000 compared to a comparable one selling for $325,000 just last fall.
229 condos sold in the first 9 months of this year in the Town of Collingwood for an average sale price of just over $390,000 and demand continues to be strong; especially for 3 bedroom units with gas heat and condos with garages and/or basements.
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