2020 Market Review – 3rd Quarter Report
REAL ESTATE MARKET SNAPSHOT – Q3 2020 IN REVIEW
As we write on this crisp Autumn day before Thanksgiving, we think of a client’s comment that “Mother Nature is about to show us how beautiful it can be to just let go”. It’s been an exciting ride for Sellers this quarter, and sometimes a very frustrating one for Buyers, so perhaps now is time to take that deep breath and then enjoy the beauty of South Georgian Bay. Meanwhile, here’s a look back on residential single-family homes and condos in general, and then specifically in Collingwood, Blue Mountains and Clearview.
Our record-setting market this summer season was undeterred by Mayors’ pleas to city dwellers to stay in their main residences, and now that employers and employees have embraced WFH, we are experiencing property inventory shortages, especially detached homes, resulting in a strong Sellers’ market and competing offers. COVID has impacted sales even as it has changed the way we REALTORS® show properties, with virtual technologies used as never before.
Overall in the Western District of S. Georgian Bay (comprised of Collingwood, Blue Mountains, Clearview, Wasaga Beach and Meaford) the average sale price at the end of September was $697,734, up 30% over Q3 2019. Months of inventory was 2 (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 much faster rate of sales than Q3 2019’s 5 months of inventory. A whopping 97.4% of listings sold vs 53.9% in 2019. The majority of sales moved up into the $500,000 – $750,000 range, 159 sold $750,000 – $1M, and 152 sold over $1M (vs 43 in Q3 2019).
HIGHS, LOWS & SPECIFICS (where we specialize):
- The high sale was an almost in-town estate of 30 acres for $3,300,000.
- The low sale was a 1 bdrm, 1 bath Glen unit in Living Stone (aka Cranberry) for $235,000.
- Condos: Q3 2020 (vs Q2 2020): 139 listed, 128 sold (106 listed, 49 sold); avg DOM 35 (32); avg sale to list price: 98.6% (98.7%); avg sale price $ 551,054 ($497,451) – up 10%.
- Single Family Homes: Q3 2020 (vs Q2 2020): 160 listed, 160 sold (138 listed, 73 sold); avg DOM 37 (48); avg sale to list price: 98.7% (98.5%); avg sale price $769,951 ($601,158) – up 28%.
THE BLUE MOUNTAINS
- The high sale was a 6700 SF home at the Georgian Bay Golf Club for $3,070,000.
- The low sales were small condos of 409 – 608 SF in The Village at Blue for $175,000 to $235,000.
- Condos: Q3 2020 (vs Q2 2020): 83 listed, 68 sold (47 listed, 23 sold); avg DOM 48 (56); avg sale to list price: 3% (97.1%); avg sale price $472,185 ($472,426) – no relevant change.
- Single Family Homes: Q3 2020 (vs Q2 2020): 148 listed, 144 sold (107 listed, 40 sold); avg DOM 46 (74); avg sale to list price: 98.6% (96.9%); avg sale price $1,141,493 ($1,100,413) – up 3.7%.
- The high sale was a large home with views on 10+ acres near Osler Bluff for $2,250,000.
- The low sale was a Devil’s Glen condo-townhome for $317,500.
- Single Family Homes: Q3 2020 (vs Q2 2020): 68 listed, 60 sold (54 listed, 35 sold); avg DOM 68 (83); avg sale to list price: 98.2% (97.5%); avg sale price $808,636 ($719,086) – up 12%.
For those people who love statistics, here are a couple of deep dives courtesy of our intrepid researcher, Scott Young!
Based in whole or in part on MLS® System data owned by the Association covering Q3 2019 – Q3 2020.