Collingwood – Blue Mountain Condo Market Recap for 2015
If you’ve been thinking about either buying OR selling a condominium in the Collingwood or Blue Mountain area, this post’s for you.
Condominiums, both residential and recreational, are a very significant part of our market here in South Georgian Bay. They represent close to a quarter of all sales in our total area with 88% of those sales being in Collingwood and the Town of Blue Mountains.
In 2015, condos represented 39% of all residential sales in Collingwood and the Town of Blue Mountains.
There were 473 condo sales in the 6 key areas including Collingwood, Clearview, Blue Mountain, Meaford, Grey Highlands and Wasaga Beach, with an average sale price of $259,436 compared to $227,320 – up a significant 14.1% over 2014. Here is a chart showing the breakdown of average sale prices, by bedroom in 2015 with the number of sales shown in brackets:
Average sale prices climbed the most for 2 bedroom units in Collingwood (19%), 3 bedroom units in Collingwwod (21.4%) and 3 bedroom units in Blue Mountain (19.7%). These are fairly dramatic gains for a one year period reflecting the limited supply and increased demand.
Supply and Forecast
As of December 31, there were just 47 condominiums on the market in Collingwood with an average asking price of $260,000 and, 85 with an average list price of $306,000 in the Town of Blue Mountains. In Collingwood, this represents about a 2 month supply of “inventory” based on sales trends in the last three months whereas in the Town of the Blue Mountains, the supply is about 7.5 months. This is a marked change from this time last year and I would expect that we will see some pressure on condo prices to move up. This will be especially true in condos suitable for full-time occupation.
What I have really noticed this year is a continual shortage of condominiums in highly desirable projects such as Lighthouse Point and, in condominiums located in apartment buildings geared to adult living. There is a huge demand for both that continues to grow with new construction options still far off. I would expect to see real price increases in these areas.
Secondly, we have lots and lots of investors in the marketplace as well as first time home buyers who cannot afford detached homes. These will also result in increased prices in condominium units. In the Town of Blue Mountains where the supply of condos, especially near the ski hill tends to be geared to the recreational market, the demand if for larger, rentable units where currently the supply is virtually non-existent.
All data compiled from MLS® statistics of the South Georgian Bay Association of REALTORS®
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