November 2016 Real Estate Market Report for Collingwood and Area
If you own a home in South Georgian Bay, you’ll be happy to know that on average, your home has increased in value by by about $206.00 A DAY in 2016. Read on.
Single Family Homes. In November, there were 187 sales in the South Georgian Bay region including 114 sales of single family homes in the key six areas of Clearview, Collingwood, Grey Highlands, Meaford, Town of Blue Mountains and Wasaga Beach. In 2015, there were 88 single family home sales in the same six areas showing an increase in those areas of 29.5% over activity levels one year ago. At the same time, the number of new residential listings in November for the same areas was down close to 6% for the month causing continued shortages of homes for sale compared to the high demand in the marketplace.
Condominiums. In November, there were 28 condos sold in the area with less than 30 for sale at month’s end and of those, several had conditional offers pending suggesting that there is less than a one month supply of condos available in the area.
I did a quick calculation of the change in the 12 month average sale price for January 1 to November 30, 2016 and on average, single family home values in the six key areas have risen by $206.00 PER day in 2016!
Based on the number of competing offers and the number of enquiries that come in on each listing, it’s safe to say that sale numbers would have been far higher for the month if there were a greater selection of homes to buy. For sellers, it is a GREAT time to sell.
For buyers, this is a frustrating time as the selection of available properties is at a record low in the area and prices climb with each passing day. Mortgage qualification becomes more difficult and interest rates are rising. Buyers need to be ready to act fast – that means viewing properties as soon as they become available, being pre-qualified for financing, having deposits and down payments in order and making solid offers that are attractive to home sellers.