May 2014 Real Estate Market Recap For Collingwood, Blue Mountain and Area
While year-to-date sales for the Georgian Triangle area in 2014 are still below year-to-date levels for the same period last year, May posted the highest number of sales seen in one month, in South Georgian Bay since the record-breaking summer of 2007.There were 236 sales in the month of May, of all kinds, in all areas we serve compared to 213 for the same month last year.
Looking specifically at residential sales in the six key areas we serve (Clearview, Collingwood, Grey Highlands, Meaford, Town of the Blue Mountains and Wasaga Beach), sales were up 12.8% over April while the number of new listings for the same period were only up 7.5%. You know what this means – we are seeing a tightening up of the number of properties for sale against demand which is leading to higher prices and competing offers in some areas.
Despite the great numbers, there are some properties languishing on the market as buyer demand is very particular for certain types of products in certain areas. Homes priced under $300,000 and located right “in-town” are hot commodities as are moderately priced homes on larger lots near the edge of the towns. Buyers want it all – garages, basements, great condition, walk to shops and they’ll pay to get these.
If we look at sales year-to-date, it’s interesting to note that any decline has been in properties priced at under $300,000. Properties priced from $400,000 to $500,000 and, properties priced over $700,000 have seen the biggest increases in sales year-to-date.
At the time of writing, there are over 125 conditional sales pending as we head into June. A good percentage of these may not become firm sales however, it’s a healthy number going into this month that suggests continued strong activity can be expected.
Note: These statistics are compiled using data from the MLS® system of the Southern Georgian Bay Association of REALTORS®