Seller’s Market Continues in Collingwood and Area; Market Recap for November 2015
While November was another strong month in the local market with competing offers and a continued shortage of available properties for sale to meet buyer demand, the actual number of residential sales in the six key areas of our market (Clearview, Collingwood, Meaford, Grey Highlands, Town of Blue Mountains and Wasaga Beach) was below November 2014. The reason for this has been the ongoing and increasing lack of available properties for sale to meet buyer demand. In the six areas, there were 89 sales of single family, residential homes last month with an average sale price of $375,613.
A quick peak at the full region shows that the number of new listings is down 15% year-to-date while the number of sales is up 15%. This naturally increases the competition among buyers resulting in higher prices.
2015/14/13 Sales, Listings, Volume Comparisons
Right now, there are a total of just 71 detached houses for sale in Collingwood with prices ranging from $169,500 for a modest home, to over $2.2 million for a waterfront home. If you are looking for, say, a bungalow with a basement and garage under $450,000, that number drops down sharply to 4 homes available. Your chances of finding a home improve if you head west to Meaford, where there are 16 homes for sale that match the same description BUT, only 8 of those are in-town with full municipal services.
In the Town of the Blue Mountains, there are 113 detached homes for sale ranging from $180,000 for a 1.5 storey home in Heathcote to almost $4MM for a 5 bedroom home with a view on 25 acres. If you are looking for, say, a serviced home with at least 1,000 square feet under $500,000 in this area, your choices dip down to 6 detached homes of which 1 has an offer pending.
There are 146 detached homes for sale in Wasaga Beach, but if you are looking for a 3 bedroom home with a garage under $400,000, that number drops to 57 and of those, 6 have offers pending.
There was a slight decrease in the number of sales of residential condominiums in November (34), compared to the same month last year (39), but in that time the average sale price has risen from $229,714 in November 2014 to $251,041 in November 2015.
There are 56 condo units for sale in Collingwood as of November 30th, with 7 0f those having conditional offers pending. Prices range from $117,000 to 649,000.
In The Blue Mountains, including Thornbury, there are 93 condos for sale, but only 23 of those have 3 or more bedrooms, with several having conditional offers pending. Prices range from $92,000 – $1,695,000 There are just 13 “legacy” condos for sale around the village, half of which are in Snowbridge.
Here is a closer look at residential sales in our six key areas. Note that there were more homes sold than listed in Grey Highlands in November 2015. In the six areas overall, the sales to listing ratio reached levels never seen in our area before. When you consider that 40-50% is typically considered to be a balanced market, we are well into sellers’ market territory with the year to date ratio being 56% overall and 70% in Collingwood.
What’s next in our market? Usually we see somewhat lower numbers in the winter months, however, demand continues to be strong with a shortage of inventory creating pent-up demand for well into the summer of 2016. It’s a great time to sell and if you can find what you are looking for, there is no good reason to wait to buy either.
Marg is your experienced guide to the Collingwood and area real estate market. Get in touch today.
All MLS® data obtained from the Southern Georgian Bay Association of REALTORS®.