2020 Market Review – 2nd Quarter Report
REAL ESTATE MARKET SNAPSHOT – Q2 2020 IN REVIEW
When asked to predict the future, a physician client of ours said her crystal ball is on order, but shipping’s been delayed by COVID. So, we are looking back … the first week of the 2nd Quarter was the third week under Provincial Emergency ordered LockDown. By then, real estate services were deemed essential but “Stay at home!” orders remained and there was little appetite from Sellers or Buyers to interact. Not until around May 3rd did activity start to increase in a meaningful way, and we have not looked back since. Interestingly, however, though few sales occurred in April, and single-family homes in Collingwood and Clearview lost some ground, sale values held pretty steadily at their pre-COVID prices and all now appear to be substantially on the rise. We continue to concentrate on residential single-family homes and condos in the Collingwood, Blue Mountains and Clearview areas of the WESTERN DISTRICT of Southern Georgian Bay, which also includes Wasaga Beach and Meaford.
Overall in the Western District, the average sale price at the end of June was $602,370, up 12% over 2019. Months of inventory was 4.1 (defined as the measure of how fast all existing homes on the market would last, assuming that no more listings are added, and that the rate at which homes sell is constant as per the average of the last 12 months of sales), a slightly faster rate of sales than 2019’s 4.3 months of inventory. 53.6% of listings sold vs 49.5% in 2019. The majority of sales ranged from $232,000 to $500,000 but 72 sold from $500,000 – $750,000, 24 sold $750,000 – $1M and 53 sold over $1M (vs 24 – 2019).
HIGHS, LOWS & SPECIFICS (where we specialize):
- The high sale was a waterfront townhome in Mariners Haven for $1,999,000.
- The low sale was a 3 bdrm, 2 bath townhome on the west side for $255,000.
- Condos: Q2 2020 (vs Q1 2020): 83 avg/mth listed, 16 sold (78 listed, 41 sold); avg DOM 31 (50); avg sale to list price: 98.7% (98.1%); avg sale price $499,084 ($429,378) – up 16%.
- Single Family Homes: Q2 2020 (vs Q1 2020): 132 avg/mth listed, 24 sold (110 listed, 59 sold); avg DOM 48 (51); avg sale to list price: 98.5% (98%); avg sale price $599,264 ($696,473) – down 14%.
THE BLUE MOUNTAINS
- The high sale was a 5 bdrm home on 75 feet of waterfront in Lora Bay for $3,250,000.
- The low sale was a 1 bdrm condo in Craigleith Shores for $232,000.
- Condos: Q2 2020 (vs Q1 2020): 62 avg/mth listed, 8 sold (66 listed, 41 sold); avg DOM 55 (52); avg sale to list price: 97% (97.2%); avg sale price $461,928 ($420,708) – up 9.7%.
- Single Family Homes: Q2 2020 (vs Q1 2020): ) 146 avg/mth listed, 13 sold (144 listed, 43 sold); avg DOM 73 (86); avg sale to list price: 96.9% (98.3%); avg sale price $1,100,413 ($1,046,380) – up 5%.
- The high sale was a large modernistic home on 43 acres near Batteaux for $3,850,000.
- The low sale was a small bungalow in Stayner for $290,000.
- Single Family Homes: Q1 2020 (vs Q1 2019): 79 avg/mth listed, 13 sold (74 listed, 28 sold); avg DOM 74 (58); avg sale to list price: 97.6% (97.6%); avg sale price $685,974 ($714,125) – down 4%.