Real Estate Market Snapshot-2022 in Review – Or, a Tale of Two Markets
In the interest of brevity, our focus for this report will be the three key trading areas and home types with which we have the most expertise: sales of residential condominiums and detached homes in The Blue Mountains, Collingwood and Clearview. We also serve Wasaga Beach and Meaford and would be pleased to provide an analysis for those areas for you upon request.
Looking back, we REALTORS® can see the frenzied pandemic market crashed sometime in May, so we’ve divided the overview of the year in half for this report. Q1/2 had a total of 561 sales representing 1 in 2 new listings selling, dropping by 30% to 393 sales in Q3/4 and 1 in 3 listings selling. Properties sold for an average of 100% of their asking price in Q1/2, dropping to 96.4% of ask in Q3/4. It took about 1.5 months for all inventory to sell in the first half of the year, rising to about 6 months in the 2nd half. An average of 18 days was all that was needed in Q1/2 for a property to sell, soaring to 42 days to sell in Q3/4. The average sale price was $1,168,353 in the first half year, falling by over 16% to $980,617 for the 2nd half. The incredible strength of early 2022 is reflected in the values below.
HIGHS, LOWS & SPECIFICS (brackets show 2021 values) COLLINGWOOD: Fewer sales, longer sale times, detached homes up about 5%, condos way up about 21%.
- The high sale was a 6 bdrm waterfront home in January for $3,450,000.
- The low sale was a 1 bdrm, 728 SF condo on Eighth St. in April for $330,000.
- 168 (192) condo sales; avg of 25 (28) days on market (DOM), avg sale-to-list- price ratio of 99.1% (100%); avg sale price of $715,591 ($588,002).
- 298 (383) single-family home sales; avg DOM of 23 (16); avg sale-to-list-price ratio of 98.9% (101%); avg sale price of $1,031,870 ($977,026).
THE BLUE MOUNTAINS: Fewer sales, longer sale times, detached homes up about 15%, condos way up about 32%.
- The high sale was a Thornbury waterfront home in January for $6,000,000.
- The low sale was a 467 SF studio condo in Seasons at Blue in August for $232,000.
- 120 (187) condo sales; avg of 33 (32) DOM; avg sale-to-list price ratio of 99.1% (99.2%); avg sale price of $732,500 ($553,160).
- 183 (263) single-family home sales; avg DOM of 32 (23); avg sale-to-list-price ratio of 97.6% (100%); avg sale price of $1,789,472 ($1,546,674).
CLEARVIEW: Fewer sales, longer sale times, home values up about 12%.
- The high sales were both in May/June for $4,275,000, large homes on 50 to 70 acres, one near Creemore, the other near Duntroon.
- The low sale was a 73-year-old cabin in Creemore, in August for $381,000.
- 183 (278) single-family home sales; avg of 31 (23) DOM; avg sale-to-list-price ratio of 97.6% (100%); avg sale price of $1,074,264 ($952,815).