The image above captures what the real story will be for 2016: a shortage of available property versus demand. Sellers have gone into retreat and are staying snuggly in their homes while Buyers are beating the bushes looking for property to buy and hence, we are experiencing Sellers market conditions through most of our region.
Looking at single family residential homes the six key areas of our local market (Clearview, Collingwood, Grey Highlands, Meaford, Town of Blue Mountains and Wasaga Beach), there were just 155 new listings; down 7% from last February and, 94 sales; up 17.5% over a year ago. Competing offers were common once again in February .
As always, the majority of sales in our area are under $500,000 with the bulk of those usually being in the $200,000 to $350,000 price band however, as a result of the shortage of inventory, February 2016 sales in the $350,000 to $500,000 range were up by 33% over the month of February 2015.
Currently, the 12-month average sale price for single family residences for the six key areas is $401,895.33 with a breakdown as follows:In the condo market, there were three fewer sales in January 2016 compared to both December and January 2015 so relatively on par, but in February 2016, there were 39 condo sales, compared to 34 in February 2015. There are currently only 42 three or more bedroom condos for sale in Collingwood or the Blue Mountains and of those, 6 have conditional offers pending. There are very few at the mountain available and even less in-town Collingwood.
This is not a fun or easy market for Buyers who are anxious to purchase a home in the area, especially a home under $350,000. There is little choose from, competition is fierce and there is little time to think. Buyers are well advised to get pre-qualified for financing before making offers and, ask their real estate salesperson for strategies to assist them in finding properties and in getting their offers accepted.
Sellers have an easier time with fewer days on the market and often competing offers that drive up prices, if they are in certain areas and price ranges. While this is a wonderful position to be in, it can also be stressful in having shortened time frames for dealing with offers and, in choosing one offer over another that may or may not have the right terms, conditions and ability to complete the deal. Again, Sellers should ensure they have solid advice from a trusted real estate salesperson to guide them through negotiations.
When you need a trusted real estate advisor in the Collingwood area, just call Marg. It’s YOUR move.
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