The number of properties sold in the Georgian Triangle so far this year is up 40% over last year. Total sales in our area YTD have surpassed the record-setting levels of 2007 however, May itself did not meet those levels. In May 2010, there were 193 sales; 16 less than April suggesting perhaps that the momentum we saw in March and April may have passed. On the other hand, it may have been the astounding weather we had in those months. June will paint a clearer picture. There were 635 new listings compared to 676 in April showing a slight moderation in this area as well helping to keep market conditions in balance.
The most active price range for properties that sold in May was $200,000 to $350,000. We have also seen a surge in sales priced between $350,000 to $500,000 where sales year-to-date are more than double what they were at this time last year. The luxury home market continues to perform well with 82% more sales over the $500,000 level in YTD in 2010 compared to 2009.
The 12 month, average residential sale prices year-to-date are up in all of our major markets this year. Despite this, we are still experiencing sales-to-listing ratios in the Buyer’s market territory and there is a growing sense that we are seeing early signs of some softening in the market. For example, homes in-town Collingwood priced under $250,000 flew out the door a few months ago and many with competing offers. Today, they are staying on the market longer and selling in most cases, below the asking prices. Nonetheless, the average residential sale price in the Georgian Triangle is up 12% over 2009.
The condominium market has continued to do well with 135 sales year-to-date; above the 118 sales in the first 5 months of 2007 record year. The average sale price of condos sold this year has been bout $230,000 (compared to $192,000 at this time last year). In May, there were 37 condominium sales with an average price of $226,842. We have also seen a significant increase in the sales of vacant land which have surpassed 2007 peak levels. So far in 2010, 66 parcels have sold at an average sale price of $154,549.
Here is a summary of how the month looked:
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