Q1/Q2 2024-Real Estate Market Snapshot
It is no secret that real estate markets have slowed considerably with the advent of high interest rates and the sluggish economy. Three month reviews don’t provide enough sales statistics to give an accurate picture, so I am looking back on six month periods.
In the interest of brevity, my focus for this report will be the three key trading areas and home types with which I have the most expertise: sales of residential condominiums and detached homes in The Blue Mountains, Collingwood and Clearview. I also serve Wasaga Beach and Meaford and would be pleased to provide an analysis for those areas for you upon request.
Weighing on all of us is whether or not the June 5th interest rate drop will create more buying activity. It’s early days but, so far, the answer is no. In the areas I serve most, there were actually 14 less sales of condos and detached homes from May to June, and the overall average sale price decreased by 16%.
It is still taking a long time on average to sell a property, 3 months to be exact. There were a total of 416 sales, with May being the winner in that regard at 81 sales, but we are averaging 554 listings per month (!) As of this writing, if no new listings entered the market, it would take about 11 months for all current inventory to sell. Our list to sale price ratio has only improved by a tenth of a percent from the 2nd half of last year, now at 96.5%, and the average sale price is up about 2.7%, but both are good trends at least. We remain firmly in Buyers’ market territory.
HIGHS, LOWS ; SPECIFICS (brackets show Q3 / Q4 2023 values)
COLLINGWOOD:
Fewer condo sales, longer sale times, detached homes’ values up, condos’ values down.
• The high sale was a 6 bdrm home on .8 acre in Evergreen Estates in April for $2,330,000.
• The low sale was a 407 SF apartment on Ontario St. in March for $225,000.
• 75 (87) condo sales; avg of 109 (81) days on market (DOM), avg sale-to-list- price ratio of 96.8% (=); avg sale
price of $655,377 ($713,516), down 8%.
• 144 (143) single-family home sales; avg DOM of 82 (63); avg sale-to-list-price ratio of 96.3% (98.8%); avg sale
price of $935,812 ($888,936), up 5%.
THE BLUE MOUNTAINS:
Fewer condo sales but values up, detached home sales up by a third but values down, longer sale times for
condos.
• The high sale was a 5 bdrm ‘turn-key’ home in The Orchard in March for $2,899,000.
• The low sales were 3 one-bdrm condo units in the hotels at The Village at Blue, selling in Q1 from $230,000
to $356,000.
• 36 (43) condo sales; avg of 95 (74) DOM; avg sale-to-list price ratio of 96.7% (96.9%); avg sale price of
$726,069 ($651,693), up 11%.
• 85 (64) single-family home sales; avg DOM of 97 (100); avg sale-to-list-price ratio of 95.5% (95%); avg sale
price of $1,336,512 ($1,493,547), down 10.5%.
CLEARVIEW:
More sales, sale times about the same, home values up about 4%.
• The high sale was a 6 bdrm new home on 1.16 acres in Windrose Estates in March for $3,995,000.
• The low sale was a ‘seasonal use only’ property on 1 acre on Mad River in April for $226,026.
• 75 (68) single-family home sales; avg of 80 (76) DOM; avg sale-to-list-price ratio of 97.3% (96.5%); avg sale
price of $987,726 ($948,585), up 4%.
