2016 Market Snapshot – Third Quarter

Q3 Report

For residential single family homes and condos, the WESTERN DISTRICT of Southern Georgian Bay continues the over one year trend of a Sellers’ market with record low inventory down 8.8% from Q3 2015. 5 years ago, we needed over 12 months to sell all listed inventory, last August it was 5.3 months, now it would take only 2 months. Values are up – Aug ’16 surpassed $148M for residential transactions – and sales are brisk – 57% to 80% of listings sold depending on area.

The average price for a home is currently $365,473, up 8% from a year ago. The majority of sales took place in the $200,000 to $350,000 price range but the $350K-$1M category went up by 265 sales. The luxury market ($1M+) went from 36 to 53 sales. Market value remains a moving target, but if Realtors & Buyers deem a property to be even close to realistically priced, the properties are selling, and often in competing offers.

Our focus will be on single family homes and condos in the 3 trading areas in which we have the most experience: Blue Mountains, Collingwood, and the areas of Clearview nearest to Collingwood & Blue. YTD there were 902 listings of which 626 sold – a 69.5% sale to list ratio (was 57% for YTD Q3 ’15), and the average property price is currently $503,385 or about 72% higher than the Western District’s average. The average amount of time between listing and selling was 78 days on market (DOM), compare to 94 DOM in 2015.

HIGHS, LOWS & SPECIFICS

Collingwood:

The high sale of Q3 was a waterfront home in Princeton Shores for $2,330,000. Worth noting is that the other two high sales were also waterfront homes and both on Georgian Manor Drive, east Collingwood.
The low sale was an east side small home near the water at $73,000.
Q3 (vs Q2): Condos – 18 listed, 20 sold (30 listed, 30 sold); avg DOM 40 (37); avg sale to list price – 99% (98.6%)
Single Family Homes – 35 listed, 113 sold, (55 listed, 36 sold); avg DOM 40 (31); avg sale to list price – 97% (98.6%)
The average price for a resale residence in Collingwood was: detached – $455,342 ($403,404), condo – $319,060 (281,578).

The Blue Mountains:

The high sale of Q3 was a waterfront home near Georgian Peaks for $3,945,000, one of 8 sales over $1M.
The low sale was an unrenovated studio condo in Mountain Springs for $87,000.
Q3 (vs Q2): Condos – 10 listed, 18 sold (20 listed, 17 sold); avg DOM 89 (164); avg sale to list price – 97.1% (96.7%)
Single Family Homes – 41 listed, 67 sold (25 listed, 15 sold); avg DOM 65 (80); avg sale to list price – 96.4% (94%)
The average price for a resale residence in Blue Mountains was: detached – $601,458 ($538,582), condo – $308,750 (308,429).

Clearview (Nottawa & Nottawasaga districts):

For a detailed analysis of the property you wish to sell or buy, please contact us at your convenience. We are here to help and to save you time.

The high sale of Q3 was a 6,000 SF home on 100 acres near Creemore for $2.9M, one of 5 sales over $1M.
The low sale was a small home on 2 acres near Dunedin for $257,000.
Q3 (vs Q2):): Single Family Homes – 20 listed, 11 sold (11 listed, 11 sold); avg DOM 95 (105); avg sale to list price – 93.4% (94%)
The average price for a resale detached residence was $469,628 ($366,706).

Pls note: All data has been gleaned from statistics provided by CREA’s MLS system via the S. Georgian Bay Assoc. of REALTORS® and is believed to be accurate.

For a detailed analysis of the property you wish to sell or buy, please contact us at your convenience. We are here to help and to save you time.