June 2014 Real Estate Market Recap For Collingwood, Blue Mountain and Area
As we’ve passed the halfway mark in this year, it’s a good time to take a check up on the real estate market in Collingwood, Blue Mountain and area for 2014.
The month of June broke all records with 248 sales. That beat the 245 sales that occurred in June 2007 at the peak of our local market. While the number of sales year-to-date is only up about 1% over last year, all of the increase has been in the last two months when sales were up 20% compared to May and June of 2103.
The largest growth in sales units has been in the higher end of the market over $500,000 and therefore, the dollar value of sales year-to-date is up over 9% from last year to almost $326 million. Here are how single family sales, year-to-date, break down into the various price bands:
27% of sales are under $200,000
45% are priced from $200,000 to $350,000
16% are priced from $350,000 to $500,000
12% are priced over $500,000
That means that 72% of all sales in the area are still under $350,000 even though the average residential sale price (not median) in the area year to date is $355,754.00
The number of properties listed for sale is down by 2% YTD however, they were up in June compared to previous years which, if that trend continues, may help to bring some balance back into the marketplace. Right now, we are seeing lower to mid-priced homes, in town, selling very quickly and often with competing offers so that segment of the new inventory is quickly being depleted.
In Collingwood, the sales to listing ratios for the month of June hit 58% and 59% respectively which suggest we have moved into seller’s market conditions in those two communities.
In the first six months of 2013, there were a total of 175 condominium sales reported on our MLS® with an average sale price of $219.537.00. This year, there have been 11% more sales in the same period with 191 units sold at an average sale price marginally up to $226,803.00. Here is a breakdown of sales over the last six months
The market is very strong and well-priced, well presented properties are selling. Both Buyers and Sellers really need to look at hyper-local data to determine pricing in specific areas. As always, well-priced and well-presented properties win the race every time. I would expect strong or even stronger market conditions to prevail through the next months as well.
All data obtained from the Southern Georgian Bay Association of REALTORS® MLS® system