The Real Estate Spring Market in Collingwood Is In Full Bloom
The Collingwood and area real estate market was in full bloom in April with the number of properties sold up 13% over March and 17.6% over last April. Year-to-date (YTD) for 2015, sales are up 25.7% compared to the first four months of 2014 and, new listings are down 14% YTD. Here is a quick snapshot of how that breaks down in various price bands.
As you can see, market conditions continue to be tightest in Collingwood and Wasaga Beach. What does this mean? If we look at a very basic and high demand type of home in Collingwood as an example, there are only 9 homes listed for sale between $200,000 and $300,000 with 3 bedrooms, 2 bathrooms and a basement. Competition is strong if properties are well presented and priced right.
The average residential sale price in the six key areas is 11.5% higher than it was at the end of April last year and that upward trend is expected to continue as buyers continue to bump up their budgets in order to find a home.
There were 37 condo sales in April – roughly on par with March and with an average sale price of $243,610.00. There were 44 condo sales reported in April last year so this segment appears to be holding steady.
With fewer listings and more sales, we have balanced market conditions in most areas with strong seller’s market conditions in many areas. As we all know, limited supply + high demand = increasing prices.
Based on last years’ trend, we can expect to see about 280 sales in May and quite possibly more depending on the number of new listings to hit the market. Be prepared for continued very strong market conditions 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®