The Collingwood and Area Real Estate Market is Red Hot
Normally in February, most REALTORS® are considering a career change or are busy scrounging for loose change under the couch cushions. Not so this year.
Following on the heels of a robust January market, MLS® sales in the six key areas we serve including Collingwood, Clearview Township, Wasaga Beach, Town of the Blue Mountains, Meaford and Grey Highlands surged by 27% over January and were a full 40% higher than February 2014. Here are the highlights:
- There have been 58 MLS®condo sales in the 6 key areas in 2015 compared to 39 in January and February of last year; an increase of 48.7%
- The number of residential sales over $500,000, representing the top 10% of our local market, increased by 64% from 25 units to 41 units sold
- The number of sales from $300,000 to $500,000 increased by 16%
- Looking at the six key areas, these two factors led to an increase in the 12 month average, residential sale price of 10.5% to $388,000. Note this is an average price and not a median price.
- The number of new residential listings in these six areas, in the first two months of 2015 are down by 21% compared to last year.
- With 21% fewer listings and 40% more sales, we have moved firmly into Seller’s market territory. As we all know, limited supply + high demand = increasing prices.
As the snow melts away, if it ever does, we will see a substantial increase in the listing inventory however, my sense is that it will be very quickly absorbed by the many buyers out there who cannot find what they are looking for. Be prepared for a very strong market in the months ahead.
Note: All of these statistics are compiled from data from the MLS® system of the Southern Georgian Bay Association of REALTORS®