Real Estate Market Recap for August 2016; Collingwood, Blue Mountain and Area
What a difference a year makes. In August this year, there were 45% more sales in our area than last year. 45%! And really, if there were more properties for sale, that number would have been even higher. I know I’ve been dealing with competing offers all month which means there are many buyers still out there hoping to end up on the winning finish line.
At the end of August, there were just over 200 active listings of single family homes for sale in our key areas. As I write this, there are just 63 homes for sale in Collingwood of which just 33 are under $500,000 and of those, 8 have conditional offers pending. Market conditions are VERY tight.
One of the things we monitor is the sales to listing ratio. For example, if there are 100 new listings in a month and there are 50 sales, we have a 50% sales-to-list ratio. Generally, anything under 40% is considered to be a buyers market, 40-50% is stable and over 50% is a sellers market. In August, the monthly sales-to-listing ratio was 97.4% in our region. I’ve never seen numbers like that .
Another new feature on our data reports is a new price band. I can well remember when we had our first sale in this area over $1 million dollars. Everyone talked about it for weeks. Well so far this year, there have been 44 sales over that level. Then we hit $2 million and it seemed impossible. 10 so far this year. And now? We’ve just posted a sale over THREE million dollars!
The greatest increase in the number of sales, at better than 50% over last year, occurred in the $500,000 to $999,999 range pushing up the average sale prices in the area. Average sales prices are up in every market in our region from 1.1% (The Blue Mountains) to 29.2% (Clearview) over the past year.
With such variances, it can be challenging to know what your property is worth or what the value may be of your intended purchase. It’s really important to work with a skilled and knowledgeable REALTOR® to get accurate and timely information. Of course, I’d be delighted to be the one you call in Collingwood, Blue Mountain and area.