July 2013 Real Estate Market Recap For Collingwood, Blue Mountain and Area
The real estate market in south Georgian Bay (Collingwood, Blue Mountain, Clearview, Grey Highlands, Meaford and Wasaga Beach) is more than alive and kicking! July turned out to be a stellar month with record breaking numbers. Sales year-to-date in 2013 were up 6% over last year however, there is gaining strength month over month with the month of July itself up 22% over July 2012 sales. The local real estate board recorded $61 million in residential sales alone and breaking all previous records. It was also the 3rd best sales figure for any month in the real estate board’s history.
At the end of July, there were 1615 active residential listings in the area; down 10% from a year ago and continuing the pattern of declining supply we’ve seen in recent months. As inventory levels go down, the number of competing offers goes up, the sale prices go up and, the length of time properties remain on the market goes down.
Collingwood in particular is firmly in balanced market territory and climbing towards seller’s market conditions. Meaford woke up this month too after lagging through the first half of the year. The Town of Blue Mountains however is still very much a buyer’s market and the average sale price in that area is down over 2012 while all other areas have risen.
There were 36 condominiums sold in the area in July 2013 versus 29 in July 2012 however, we are seeing a much lower average sale price. Year-to-date, there have been 211 condos sold in the area with an average sale price of $217,284 versus, 184 sales at this time last year with an average sale price of $247,481.
While residential sales have been doing exceptionally well, there is a glut of space of lease in the area; both commercial and industrial suggesting there are some good opportunities available for businesses looking to locate or relocate in the area.
A note of interest. Sales in the month of August are usually a bit higher than in July so chances are August will be another record setting month if previous patterns hold true. September is a bit slower as families settle back into a routine and then October is often one of the busiest months of the year.
All statistics collected from the Georgian Triangle Association of REALTORS® MLS® system.
It’s always a pleasure to meet new people and to assist them in meeting their real estate goals. If you would like to schedule a buyer or seller consultation with me, please feel free to email me or call at 705-446-1762.