July 2014 Real Estate Market Recap For Collingwood, Blue Mountain and Area

As a result of the merger of our real estate board with the Midland board, the stats have been a little late coming this month. Somehow I doubt that has caused any of you too much grief.

July continued to be a strong month in the local Collingwood and area real estate market with lots of activity, showings, offers and sales.

I’ve noticed a few trends. One is that the urban town centers such as Collingwood, Wasaga Beach and Stayner have a concentration of demand compared to more rural or outlying areas. Secondly, there is still strong price sensitivity in the market. Over-priced properties languish on the market while properties priced at or near fair market value are selling in most areas.

• The total number of single family residential sales in July surpassed every previous month and continues to set new sales levels.
• There were 51 condo sales last month with sale prices ranging from $100,000 to $454,000. This is a jump from the 35 condo sales we saw in the area in June.
• Collingwood was the strong performer in July with a rare situation where there were exactly as many sales as there were new listings. The inventory continues to be tight against demand resulting in price increases.
• There were some decreases in the number of sales over July 2013 in some areas but nothing notable suggesting continued stability in the marketplace.
• Based on total inventory of single family homes for sale versus the number of sales, Meaford, Clearview and Town of the Blue Mountains have the lowest sales-to-listing ratio and are still experiencing buyer’s market conditions with the exception of Stayner.
• Wasaga Beach and Grey Highlands are approaching balanced market conditions with strong results in July.
• Collingwood has the tightest listing inventory and is in seller’s market conditions for most types of homes.
• The 12 month average sale prices are up in most areas and that trend is expected to continue.
• There were 20 sales in July over the $1 million dollar mark representing the top 10% of the market.

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board