2017 Market Snapshot – Second Quarter

2017 Market Snapshot

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 near record low inventory down 41% from Q2 2016. 5 years ago, we needed over 12 months to sell all listed inventory, Q2 2016 it was 2.5 months, and currently, it would take only 1.5 months.

Values are up for residential transactions 27% YTD over 2016 – and sales remain brisk with approximately 69% of listings sold depending on the area. The average price for a home is currently $500,387, up a startling 25% from a year ago. The majority of sales took place in the $400,000 to $500,000 price range but 2 sales went over $2.5M. Market value remains a moving target, and like the GTA we have noticed a cooling off from the bidding war frenzy of Feb-April. Still, if Realtors & Buyers deem a property to be realistically priced, it will sell quickly at close to, if not over, its asking price.

Our focus here 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. This Quarter there were 492 listings of which 342 sold – a 70% sale to list ratio (was 68% for Q2 ’16), and the average property price is currently $601,390 or about 20% higher than the Western District’s average. The average amount of time between listing and selling was 32 days on market (DOM), compared to 69 DOM Q2 2016.

Highs, Lows & Specifics

Collingwood:

The high sale of Q2 was a waterfront townhome in the Shipyards for $1,750,000. Worth noting is that there were 6 other sales of $1M or greater, 4 of which were also waterfront or waterview homes.
The low sale was an east side studio condo at $125,000.
Q2 (vs Q1): Condos – 48 listed, 35 sold (60 listed, 50 sold); avg DOM 27 (25); avg sale to list price – 101.2% (99.9%)
Single Family Homes – 44 listed, 35 sold, (82 listed, 61 sold); avg DOM 20 (41); avg sale to list price – 100.5% (98.4%)
The average price for a resale residence in Collingwood was: detached – $584,789 ($542,898), condo – $352,839 (340,585).

The Blue Mountains:

The high sale of Q2 was a 50 acre country estate home of almost 7,000 SF near Ravenna for $2,745,000, one of 2 sales over $2M.
The low sale was a studio condo in the Grand Georgian for $115,000.
Q2 (vs Q1): Condos – 15 listed, 15 sold (63 listed, 42 sold); avg DOM 59 (90); avg sale to list price – 101% (97.9%)
Single Family Homes – 29 listed, 26 sold (71 listed, 51 sold); avg DOM 52 (94); avg sale to list price – 96.5% (96.9%)
The average price for a resale residence in Blue Mountains was: detached – $779,765 ($846,461), condo – $273,830 ($313,618).

Clearview (Nottawa & Nottawasaga districts):

The high sale of Q2 was a 6,500 SF home on 100 acres between Mansfield and Creemore for $2,651,000, one of 2 sales over $2M.
The low sale was a small home in Singhampton for $140,000.
Q2 (vs Q1):): Single Family Homes – 10 listed, 5 sold (16 listed, 18 sold); avg DOM 27 (103); avg sale to list price – 97% (95.1%)
The average price for a resale detached residence was $880,000 ($763,222).

General Observations

New home construction continues to be strong, however, many Buyers are experiencing delays in completion as the trades cannot keep up – this is increasing the demand for short term furnished rentals.
The Q3 market appears to become more balanced – we are starting to see more new listings than sales – this has evolved over the past few weeks.
Government’s new tax controls seem to have had a minimal effect on the area and of note, do not affect the Town of the Blue
Mountains, which is County of Grey – only Collingwood, as it is in the County of Simcoe.
New to the area – Gibson & Co. – a new restaurant, bar & café – enter in the alleyway beside the arena on Hurontario; opening July 2017 is The Crow Bar (same owners as Bruce Wine Bar, Thornbury) – across from the Bank of Montreal on Huron Street.
New location for a 2nd Northwinds Brewery – now under construction at the Village at Blue.

Please 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 you make an informed decision and to SAVE YOU TIME!