Collingwood, Blue Mountain and Area Real Estate Market Recap for February 2017
The February stats are in for the Collingwood, Blue Mountain and area real estate market. As expected, the number of sales is actually down a little over a year ago at this time which is due to the shortage of available properties for sale. While the number of sales are down 0.3%, the dollar value of the sales is up a significant 23%!
The chart below shows how sales are performing in various price bands and you can see that the volumes climb right along with the price ranges. Sales over a million are WAY up while sales under $350,000 are way down. That is a direct reflection of what is available for sale.
When looking at residential sales in the 6 key areas we serve including Clearview, Collingwood, Grey Highlands, Meaford, The Blue Mountains and Wasaga Beach, we can see that the supply is most constrained in Collingwood and Wasaga Beach. As these two communities are the largest in the area with the greatest demand, it really is no surprise. We can also see that average sale prices of homes have climbed from 8.4% in the Town of the Blue Mountains over the last year to 36.9% in Clearview. All areas are reporting an average sale price now in excess of $350,000 with prices being the lowest in Meaford and Wasaga Beach while the highest prices are found in the Town of Blue Mountains.
These market conditions are unprecedented and are leading to a type of paralysis in the market where people don’t want to sell for fear they cannot find something to buy if they are upsizing or downsizing. Investors are competing with local residents for properties and all of this spells quickly rising prices in the residential detached, in condo and in the recreational market.
If you are thinking of selling, there has certainly never been a better time and if you are thinking of buying, it’s so important to have a strategy prepared before entering the market. Getting pre-qualified for financing, having an inspector lined up and being able to act fast are key factors. Having a great REALTOR® on your side is of utmost importance and of course, I hope you will consider calling me for a consultation on how we can work together.