October 2014 Real Estate Market Recap For Collingwood, Blue Mountain and Area
As predicted last month, the South Georgian Bay real estate market outpaced even previous record months. We have continued to see competing offers, fast sales and motivated buyers in many segments of the market while others languish. It’s all about micro-markets.
In the six key areas we serve – Clearview, Collingwood, Grey Highlands, Meaford, Town of the Blue Mountains and Wasaga Beach, there were 138 single family homes sold compared to 135 in September and 129 in August. 49 condo units sold versus 47 in September and 39 in August. Building activity may be active next spring as we saw continued to see vacant land sales last month.
In the Town of Collingwood, there were 26 single family homes sold last month including 3 sales over $500,000. Anything over $500,000 represents the top 10% of the market. In the Town of Blue Mountain, there were 21 sales last month at an average price of $504,000. Meaford saw 12 sales, there 39 in Wasaga Beach, 31 in Clearview and 9 in Grey Highlands.
In the condominium market, there were 49 sales last month compared to 47 in September and 39 in august. There were 44 last year at this time. Year-to-date, there have been 50 more condos sold than at this time last year- a noteworthy increase of about 15%.
Strong demand means we are seeing upward pressure on housing prices in the Collingwood area.
With sales staying strong in all price bands including the upper tier, consumer confidence is solid in the real estate market. Properties that are well priced and presented are selling in a timely fashion.
In regard to inventory, there are about 125 homes for sale in Collingwood but only 13 of those are priced under $250,000. We have certainly found it has become more challenging for first time buyers to access the market with each passing month. There is a reasonable inventory of condominiums for sale In both Collingwood and Blue Mountain however strong demand means we are seeing upward pressure on some prices in certain areas.
If you are wondering if it is a good time to buy or sell, feel free to get in touch for a chat about your specific needs.
All data collected from the MLS® statistics of the Southern Georgian Bay Association of REALTORS®