Real Estate Market Snapshot – 2024 in Review
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.
The “Buyers’ Market” trend from 2023 continued into 2024 across the communities mentioned above. However, with more favourable interest rates and the effects of pent-up demand starting to appear, we began to enter a more balanced territory in the Fall with a slightly higher ratio of sale price to list price over early 2024 and values up close to 5%. Notably, listings took almost two months to sell on average, which was slightly slower than 2023, indicating that buyers still feel no urgency in their purchase decision and see ample choice. There was an average of 366 new listings each month with about 28% selling and October was the month of most sales. What might the future hold? … the cap on CMHC insured mortgages has increased to $1.5M, up from $1M, and the amortization period available to first time buyers has increased from 25 to 30 years, so a buyer’s ability to finance a purchase has just become more opportune for many. This will likely impact the GTA more so than Collingwood/Blue but we tend to follow soon after. This, combined with lower interest rates and the continuing desirability of our area, is sure to drive sales in our local real estate market.
HIGHS, LOWS & SPECIFICS (brackets show 2023 values)
COLLINGWOOD:
More sales, longer sale times, detached homes values up, condo values down.
- The high sale was a 7 bedroom, 9 bath home at Sunset Point Park in December for $6.1M.
- The low sale was a 2 bedroom, 1 bath home near the water in east Collingwood in November for $280,000.
- 222 (168) condo sales; avg of 61 (49) days on market (DOM), avg sale-to-list- price ratio of 96.7% (96.8%); avg sale price of $666,916 ($735,073), down over 9%.
- 401 (293) single-family home sales; avg DOM of 48 (34); avg sale-to-list-price ratio of 96.3% (96.7%); avg sale price of $988,387 ($898,232), up approx. 10%.
THE BLUE MOUNTAINS:
Fewer condo sales but values up, more detached home sales but values about on par with ‘23, longer sale times.
- The high sale was a 7 bedroom, 7 bath home in Craigleith in October for $4,400,000.
- The low sales were 3 studio condo units in the hotels at The Village at Blue, selling from $270-$285,000.
- 87 (114) condo sales; avg of 62 (47) DOM; avg sale-to-list price ratio of 96.4% (97.5%); avg sale price of $667,074 ($640,398), up approx.. 4%
- 223 (139) single-family home sales; avg DOM of 62 (50); avg sale-to-list-price ratio of 95.3% (95.4%); avg sale price of $1,490,354 ($1,497,957), down about half a percent.
CLEARVIEW:
More sales with values way up, longer sale times.
- The high sale was a 5 bedroom, 7 bath home in Windrose Estates in September for $4,495,000.
- The low sale was a small seasonal-use only cottage on the Mad River in April for $226,026.
- 198 (156) single-family home sales; avg of 54 (42) DOM; avg sale-to-list-price ratio of 97.1% (97.2%); avg sale price of $1,104,923 ($949,025), up over 16%.
