Real estate activity in February in Collingwood, Blue Mountain and area continued to show recovery over the picture we saw one year ago.
Sales in the Georgian Triangle in February, 2010 were up 39% compared to the same month last year when we were in the depth of the recession. There were 107 sales of all types reported in our area in February but this was still well below the 139 sales reported in the same month in 2008. The number of new listings for the month declined by 13% over a year ago with 347 new listings in February.
The 12 month average, residential sale price is returning to 2008 levels in most areas and is now higher in Wasaga Beach and Collingwood than it was in 2008. Condominium sales continue to show a sharp rise compared to the previous two years. There have been 43 condos sold in the first two months of 2010 with an average sale price of $228,869 compared to just 22 sales in the same period last year with an average sale price just under $195,000. These sales occurred across our area in all price ranges and follow the pattern of buyers moving to condominium living being reported in larger urban centres.
Despite what we hear in media reports about an over-heated market, you can see by the data below that we have not rebounded fully from the depths of last years recession. We are certainly in a much improved position but, with the exception of condominiums, we have not recovered to 2008 pre-recessionary levels.
The following information was obtained from the MLS® statistics provided by the Georgian Triangle Real Estate Board. The first number is for February 2010 with February 2009 and 2008 results in brackets:
Total Number of Sales in all areas reported: 107 (77, 139)
Total # of new listings in all areas reported: 347 (398, 402)
# Active Listings as of February 28: 1770
The following data is limited to Collingwood, Clearview, Grey Highlands, Meaford, Blue Mountains and Wasaga Beach areas only:
February Single Family Residential Sales: 71 (52, 82)
YTD Single Family Residential Sales 115 (77, 154)
12 mos. Average Sale Price: $297,657 ($285,069, $315,598 )
YTD Sales-to-Listings Ratio: 28% (18%, 37%)
YTD Condo Sales: 43 (22, 35)
YTD Farms Sold: 2 (1, 4)
YTD Vacant Land Sold: 10 (5, 24)
YTD Commercial Sold: 5 (6, 6)
A number of factors are at play in the market. The number of new listings has stayed low and if this continues, we will see upward pressure on prices. We are hearing more talk of new listings coming online as sellers try to beat the introduction of the HST on July 1st. New mortgage rules that come into effect on April 17th may also cause a minor uptick in buying activity as does the ongoing fear of rising interest rates. Signs would currently point to an expected strong spring market.
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