REAL ESTATE MARKET SNAPSHOT – Q1 2022 IN REVIEW

Our focus for this article, as usual, will be on the 3 key trading areas and types of homes with which we have the most expertise – re-sales of residential condominiums and detached homes in the Blue Mountains, Collingwood and Clearview.  2022’s first quarter shows no sign of change from the lack of supply vs high demand economy we’ve observed for several years now.  Jan, Feb & March each only offered 4 weeks of inventory!  The pace of sales increased slightly to 20 days average time for a property to sell (24 in Q4), and the average sale price increased again, up 16.7% to $1,222,338 from Q4’s $1,047,179.  Notably, the average sale went over the asking price by 2.7%.  The parameters for “most sales” moved a lot higher with most in the $800,000 – $1.3M price range, 26 sold over $2M, 7 over $3M, and 5 over $4M.  Indeed, in the Blue Mountains now, the average cost for a freehold home is over the $2M mark.

HIGHS, LOWS & SPECIFICS (brackets show Q4 2021 values)

COLLINGWOOD: fewer condo sales, more freehold home sales, faster sales period, sales generally over ask, average value increase 7% – 10%

• The high sale was a 4,000+ SF waterfront home with a boathouse in Princeton Shores for $3,450,000 (96% of ask).
• The low sale was a 2 bdrm, 1 bath 810 SF condo on Eighth St. for $339,000 (100% of ask).
• There were 40 (63) condo sales, with an average of 11 (26) Days on Market (DOM), avg sale to list price ratio was 104.9% (100%), and the avg sale price was $747,142 ($677,575) (up 10.26%).
• There were 109 (84) single-family home sales with an average of 20 (21) DOM, avg sale to list price ratio was 104.3% (100%), and the avg sale price was $1,162,334 ($1,087,306) (up 6.9%)

BLUE MOUNTAINS: fewer condo sales, more freehold home sales, slightly longer to sell, sales generally at ask, average value increase 11% – 17%

• The high sale was a large waterfront ultra-modern home with 86’ sandy beach in Thornbury for $6,000,000 (4% over ask).
• The low sales were 3 income units in the condo-hotels at Blue Mountain for $272,000 to $300,000 (but this is a 21.7% rise in their values vs Q4 2021).
• There were 53 (61) condo sales, with an average of 30 (29) DOM, avg sale to list price ratio was 100% (99%), and the avg sale price of $807,057 ($721,962) (up 11.8%)
• There were 67 (63) single-family home sales, with an average of 27 (23) DOM, avg sale to list price ratio was 100% (99%), and the avg sale price was $2,024,833 ($1,721,250) (up 17.6%)

CLEARVIEW: more sales, faster to sell, sales generally at ask, an average value increase of 10%

• The high sale was a 4500+ SF home on 52 acres about 15 km south of Collingwood for $2,650,000 (92% of ask).
• The low sale was a 2 bdrm, 1 bath home in Singhampton for $501,000 (44% over ask).
• There were 51 (43) single-family home sales, with an average of 18 (21) DOM, avg sale to list price ratio was 100% (99.9%), and the avg sale price was $1,084,345 ($984,065) (up 10.2%)