Georgian Triangle Real Estate Market Report for June 2010
The first half of 2010 is now behind us and here is a recap of the real estate market in the Georgian Triangle.
The number of properties sold in the area so far this year is up 28% over last year however sales for the month of June, with 197 unit sales, were down 4% compared to one year ago, reversing the trend of the past few months. There were 503 new listings last month; down 10% from one year ago causing tighter market conditions balanced by moderated demand helping to keep market conditions in balance.
The most active price range for residential properties sold in June was $150,000 – $249,999 (66 sales) followed by $250,000 – $349,999 with these representing 67% of all residential sales in June. A significant item of note is that the sale of properties valued in excess of $500,000 is up dramatically YTD with 90 sales compared to just 41 in the same period last year. There have been 7 sales this year over $1.5 million versus just 1 last year at this time. We are seeing more and more properties listed and sold over the $2 million mark. Amazing.
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 12 month average, residential sale price in the Georgian Triangle is up 11.2% over 2009 and 9% from 2007 record levels.
Here is how the 6 key areas in the Georgian Triangle performed last month:
The condominium market has continued to do well with 167 sales year-to-date; well ahead of the 115 sales by June 2009 and even above the 154 sales in the first 6 months of 2007 record year. The average sale price of condos sold this year has been about $226,550 (compared to $198,000 at this time last year). In June alone, there were 27 condominium sales with an average price of $203,440. We have also seen a significant increase in the sales of vacant land 83 parcels sold YTD at an average sale price of $180,570.
There are currently 2412 active listings on the market in the Georgian Triangle with 1683 residential units, 151 farms, 472 vacant land listings and 106 commercial properties available.
All information was obtained from the MLS® statistics provided by the Georgian Triangle Real Estate Board