2016 Year-end Real Estate Market Report for Collingwood, Blue Mountain and Area
As predicted, 2016 proved to be another record-setting year in the Southern Georgian Bay Western region. The number of MLS® sales of all kinds were up 15% over the previous year, the dollar volume was up by 29%, the number of new listings was down by 9% and the year ended with a striking shortage of properties for sale.
I pulled out the stats specifically for the six key areas of our region including Clearview, Collingwood, Grey Highlands, Meaford, Town of the Blue Mountains and Wasaga Beach. This chart shows the detail for single family homes which rose an average of 17% in 2016. Look at the number of homes for sale at the end of the year. It’s the story of the year which will continue through 2017: an extreme shortage of properties for sale.
Here is a chart showing the price ranges of the properties sold. This includes all types of properties (homes, condos, vacant land, farms, commercial). You’ll note that 90% of all sales are under $650,000 or so. In fact, more than 80% of all sales are under $500,000.
The number of condos sold in the area climbed last year by just over 14% with the prices up by 9.6% to an average of $284,956. As of January 1, there were only 74 condos for sale in the area.
Highs and Lows
- The lowest single family sale in 2016 was a 540 square foot cottage in east Collingwood that sold for $73,000.
- The lowest priced condo sale was a 400 square foot unit in Meaford that went for $49,500.
- The highest priced single family home sale was $3.945m for a 7,000 square foot, custom waterfront home in the Town of the Blue Mountains.
- The highest priced condo sold was a 2,100 square foot, 3 bedroom waterfront unit in Lighthouse Point that went out for $1.1m.
As always, I’m working on my predictions for 2017 and these will be posted in the next day or two.
Note: All data obtained from the Southern Georgian Bay Association of REALTORS® MLS®