Real Estate Market Snapshot – 2020 in Review
Much has already been written about Southern Georgian Bay’s market boom – our enduringly popular destination now amplified by the COVID exodus from the GTA. In brief, in our western district, new listings and the sales thereof are practically double 2019’s with a 78% sold-to-list ratio (58% in 2019). And still, demand far exceeds supply, with space and privacy, or at least the feeling of them, topping the list of buyer desires.
Our focus for this article, as usual, will be on the 3 key trading areas and types of homes with which we have the most expertise – re-sales of residential condominiums and detached homes in Blue Mountains, Collingwood and the areas of Clearview nearest to Collingwood. Buyers will want to note that the greatest amount of listing choices was during the months of May and June, and Sellers will want to note that the greatest number of sales took place in the months of June through October. Even though these months of inventory and sales are unquestionably driven by virus circumstances, they are not far off the norm. The year ended with only 2.2 months of inventory (vs 4.1 months end of 2019). The average time for a property to sell dropped by 17% to 45 days, and the average sale price rose 27% to $691,629. Most sales took place in the $500,000 to $799,000 price range, but the number of homes selling over $1,000,000 jumped to 294 (vs 128 in 2019), 46 (vs 15) sold over $2,000,000, and 9 (vs 3) sold over $3M.
HIGHS, LOWS & SPECIFICS
- The high sale was a 30-acre estate west of Sixth St. at $3,300,000.
- The low sale was a 618 SF condo in Living Stone (aka Cranberry) at $235,000.
- There were 452 condo sales (compared to 232 in 2019), average Days on Market (DOM) was 33 (vs 43 in 2019), avg sale to list price ratio was 99.9% (98.2%), and the avg sale price was $403,001 ($313,633) which reflects a 28.5% increase over 2019.
- There were 558 single-family home sales (380), avg DOM was 38 (43), avg sale to list price ratio was 99.2% (98.2%), and the avg sale price was $663,777 ($494,127) which reflects a 34.3% increase over 2019.
- The high sale was a 10,000 SF home on 1.5 acres near Alpine ski club at $4,700,000.
- The low sales were all income units in the condo-hotels in The Village at Blue Mountain, 7 sold between $152,000 – $205,000.
- There were 260 condo sales (148), avg DOM was 44 (69), avg sale to list price ratio was 98.8% (97.5%), and the avg sale price was $440,593 ($326,385) which reflects a 35% increase over 2019.
- There were 459 single-family home sales (206), avg DOM was 57 (61), avg sale to list price ratio was 98.6% (97%), and the avg sale price was $924,811 ($709,776) which reflects a 30.4% increase over 2019.
CLEARVIEW (Nottawa and Nottawasaga Districts)
- The high sale was a 43-acre estate east of Nottawa at $3,850,000.
- The low sale was a ½ acre with a small home between Duntroon & Creemore for $250,000.
- There were 308 single-family home sales (294), avg DOM was 63 (70), avg sale to list price ratio was 98.7% (97.4%), and the avg sale price was $687,495 ($574,312) which reflects a 19.7% increase over 2019.