2020 Market Review – 1st Quarter Report

REAL ESTATE MARKET SNAPSHOT – 2020 1st QUARTER REVIEW

Little did we know that when we changed the clocks, we’d go from Standard Time to the Twilight Zone. All kidding aside, you will have been seeing the real estate forecasts of numerous pundits, but we believe there is truly no predictability at this stage. The hawks, however, are eyeing the stock market for opportunistic buys, and that could prove true in real estate as well as we ease back to some version of normal, and we will. Meanwhile, our admiration and gratitude grow daily to those still working to keep us safe and fed.

So, looking back … We continue to concentrate on residential single-family homes and condos in the WESTERN DISTRICT of Southern Georgian Bay, defined as Wasaga Beach, Collingwood, Clearview, The Blue Mountains, and Meaford.

Western District condos sold at about 97.7% of their asking price and averaged 49 days to sell (DOM), a change from Q1 2019’s 97.2% ratio and 64 DOM. The average sale price was $414,911, up from Q1 2019’s $396,977. Months of inventory was 4.2 (defined as the measure of how fast all existing homes on the market would last, assuming that no more listings are added, and that the rate at which homes sell is constant as per the average of the last 12 months of sales), a much faster rate of sales than Q1 2019’s 6 months of inventory. Single family homes sold at approx. 98.2% of their asking price (97.9% – Q1 2019) and averaged about 50 days to sell (58 – Q1 2019). The average sale price was $673,111, up from Q1 2019’s $596,671. The majority of sales ranged from $337,000 to $678,000 but 32 sold over $1M (21 – Q1 2019), and 2 sold over $2M (same Q1 2019).

HIGHS, LOWS & SPECIFICS (where we specialize):

COLLINGWOOD

The high sale was a waterview home at Sunset Point for $1,900,000.
The low sale was an 800 SF 2 bdrm, 2 bath condo in Cranberry for $265,000.
Condos: Q1 2020 (vs Q1 2019): 78 avg/mth listed, 41 sold (72 listed, 40 sold); avg DOM 50 (62); avg sale to list price: 98.1% (96.9%); avg sale price $429,378 ($444,575) – surprisingly down slightly by 3.4%.
Single Family Homes: Q1 2020 (vs Q1 2019): 110 avg/mth listed, 59 sold (135 listed, 67 sold); avg DOM 51 (44); avg sale to list price: 98% (98%); avg sale price $696,473 ($563,027) – up approx. 23%.

THE BLUE MOUNTAINS

The high sale was a 3 bdrm cottage on 121 feet of waterfront just west of Thornbury for $2,100,000.
The low sales were all between $200,000 – $250,000, 6 condo-hotel units in the Village at Blue.
Condos: Q1 2020 (vs Q1 2019): 66 avg/mth listed, 41 sold (86 listed, 28 sold); avg DOM 52 (68); avg sale to list price: 97.2% (96.3%); avg sale price $420,708 ($341,532) – up 23%.
Single Family Homes: Q1 2020 (vs Q1 2019): ) 144 avg/mth listed, 43 sold (80 listed, 49 sold); avg DOM 86 (44); avg sale to list price: 98.3% (97.7%); avg sale price $1,046,380 ($948,420) – up 10%.

CLEARVIEW

The high sale was a 2016 built home on 43 acres near Duntroon with distant Bay views for $2,195,000.
The low sale was a 4 bdrm townhouse at Devil’s Glen ski club for $310,000.
Single Family Homes: Q1 2020 (vs Q1 2019): 74 avg/mth listed, 28 sold (62 listed, 31 sold); avg DOM 58 (87); avg sale to list price: 97.6% (97.7%); avg sale price $714,125 ($645,955) – up 10.5%.