REAL ESTATE MARKET SNAPSHOT – Q2 2022 IN REVIEW
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 detached homes and residential condominiums in the Blue Mountains, Collingwood and Clearview. 2022’s 2nd quarter shows evidence of what we’ve all been experiencing anecdotally – a slowing in the overheated market of the past 2 years! Months of inventory moved from Q1’s 1 month to 2, 3 & 5 months respectively for April, May & June. The pace of sales was on the increase in April & early May but slowed from Q1’s 20 days on market (DOM) to 25 DOM in June. The average sale price decreased by 8.5% (was $1,222,338 in Q1, now at $1,117,892), and instead of most sales going over the asking price, the sales to list ratio sits right on the asking price. The parameters for “most sales” stayed static with most in the $800,000 – $1.3M price range, but the higher ranges lost some ground with only 16 sold over $2M, 3 over $3M, and 3 over $4M. Notable is that Clearview led the way in high-end sales and was the only area to have an increase in the average sale price of its freehold homes.
HIGHS, LOWS & SPECIFICS (brackets show Q1 2022 values)
COLLINGWOOD: more condo sales, less freehold home sales, faster sales period for freeholds, sales generally at ask or below ask, average values increased only 1.2% for condos and decreased 9.6% for freeholds.
The high sale was an almost 7,000 SF new home in the south end of Town for $2,800,000 (4% over ask). The low sale (and only sale under $500k) was a 1 bdrm, 1 bath 728 SF condo on Eighth St. for $330,000 (2% over ask). There were 49 (40) condo sales, with an average of 13 (11) DOM, avg sale to list price ratio was 99.7% (104.9%), and the avg sale price was $756,153 ($747,142) up 1.2%. There were 86 (109) single-family home sales with an average of 12 (20) DOM, avg sale to list price ratio was 100% (104.3%), and the avg sale price was $1,050,548 ($1,162,334) down 9.6%.
BLUE MOUNTAINS: fewer condo sales, less freehold home sales, homes selling more quickly, sales again generally at ask, average value decrease 6.8% for condos and almost 20% for freeholds.
The high sale was a 13-year-old large waterfront stone home with 100’ shoreline in Thornbury for $5,000,000 (88% of ask). The low sales were 3 income units in the condo-hotels at Blue Mountain for $236,000 to $277,000, all selling just slightly under their asking prices. There were 34 (53) condo sales, with an average of 27 (30) DOM, avg sale to list price ratio was again 100%, and the avg sale price was $752,299 ($807,057), down 6.8%. There were 50 (67) single-family home sales, with an average of 18 (27) DOM, avg sale to list price ratio was again 100%, and the avg sale price was $1,622,263 ($2,024,833), down almost 20%.
CLEARVIEW: fewer sales, no change in DOM, sales have slipped to lower than ask, the average value increase of over 24%. The high sale was a 10-year-old hilltop home of 5600+ SF on 49 acres just north of Creemore for $4,275,000 (7% over ask). The low sale was a small home with commercial potential on a main corner in Stayner for $500,000 (95% of ask). There were 48 (51) single-family home sales, with an average gain of 18 DOM, avg sale to list price ratio was 98.6% (100%), and the avg sale price was $1,352,835 ($1,084,345), up 24.7%.