Real Estate Seller’s Market Conditions Prevail in Collingwood and Area
Residential homes continue to be in high demand in the South Georgian Bay area and, there is no end in sight despite pronouncements that Canada is or was in a recession. The news is not dampening the quest to purchase housing in the area as interest rates remain ever-so-low.SUPPLY AND DEMAND
The number of properties listed for sale this year is down by 16.3% over last August year-to-date while the number of unit sales is up by more than 15%. That means an ever tightening shortage of “inventory” is available to meet buyer demand and pricing is being squeezed upward. You can see the jump in sales over $350,000 on the chart above.
In the traditional six communities we cover (Collingwood, Blue Mountain, Wasaga Beach, Clearview, Grey Highlands and Meaford) all areas were firmly in seller’s market territory last month. A few areas such as Collingwood and Grey Highlands actually a small decrease in the number of sales however, that is due to a lack of available supply and there is significant pent-up demand building.PRICES
The highest increase in the number of sales by price band were seen in the $600,000 to $700,000 range where there were 17 sales last month compared to 8 in August 2014. There were also 5 sales priced between $1million and $1.5million compared to 1 at the same time last year. You can also see on the above chart that the 12 month average residential sale price has climbed around 7% in most areas.
There were 43 condominium sales in the six key areas in August compared to 38 the year before. This number is down from Julys 53 sales. Interestingly, last year at this time, the average condo unit sold for 96% of its listed price and presently they are selling at over 98% of asking. The average sale price has also climbed in the last year from $231,700 to just over $283,100.