The Collingwood, Blue Mountain and area real estate market stayed the course last month with sales volumes comparable to one year ago. The number of sales was actually down 12% overall however, the residential units were down by only 7 properties.
There were 203 sales in the region in October with 117 of those being residential homes sold in our six key areas of Collingwood, Clearview, Wasaga Beach, Blue Mountain, Grey Highlands and Meaford.
Sales appear to be the weakest in rural properties and strongest in both low-priced in-town properties and in waterfront properties.
There is a strong correlation between available supply and the number of sales. The number of new listings year-to-date (YTD) is down 11% and sales down 12% yet the dollar value of those sales is up by 8% as can be seen in the chart below.
There were 251 new listings in the region last month but just 155 of these were residential homes in our 6 key areas.
With 155 new residential properties listed in October and 117 sold, the sales to listing ratio remains firmly in Seller’s market territory. We’ve seen a return to competing offers in some segments of the market and Buyer activity has remained strong.
In the condo market, there were 48 units sold in October with an average sale price of $361,370 compared to 52 units sold in October 2016 with an average sale price of $302,339. Currently, there are 30 c0ndo units for sale in Collingwood with 22 priced under $500,000. In the Town of Blue Mountains, while there are 56 units for sale, 40 are located in the Village at Blue Mountain leaving just 16 residential units available. In Wasaga Beach there are 12.
We are not seeing anything unusual on the horizon and I would suspect sales will continue at the same pace as they have for the past year with some seasonal moderation as per normal. The next market impact may be felt in January, 2018 when the new mortgage stress test policies come into effect.
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