REAL ESTATE MARKET SNAPSHOT – Q3 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 Blue Mountains, Collingwood and Clearview. 2022’s 3rd quarter continues the slowing of the overheated market of the past 2 years. Months of inventory moved from Q2’s 5 months to 6 months as listings lingered unsold. The pace of sales continued to slow from Q2’s 25 days on market (DOM) to the current 34. The average sale price has dropped out of the millions and is now $911,859, and instead of most sales going at their asking price, the norm currently is to sell at about 3% below ask. The parameters for “most sales” moved down with most in the $500,000 to $800,000 price range, out of 345 sales only 85 sold over $1M.
HIGHS, LOWS & SPECIFICS (brackets show Q2 2022 values)
COLLINGWOOD: a few more condo sales, a lot less freehold home sales, almost 3 times longer for a listing to sell, sales generally 3% to 4% below ask, average values decreased by about 13.5% bringing the average price of a detached home to under $1M for the first time since Q4 2021.
- The high sale was an almost 3,000 SF new stone home on the far east side of Town for $2,089,000 (10% over ask).
- The low sale was a 1 bdrm, 1 bath 618 SF condo in Living Stone (Cranberry) for $381,000 (4% below ask).
- There were 51 (49) condo sales, with an average of 34 (13) DOM, avg sale to list price ratio was 97.2% (99.7%), and the avg sale price was $646,849 ($756,153) down 14.5%.
- There were 68 (86) single family home sales with an average of 32 (12) DOM, avg sale to list price ratio was 96.6% (100%), and the avg sale price was $916,583 ($1,050,548) down 12.75%.
- The high sale was a newly built 5000+ SF home on 50 acres between Blue and Ravenna at $4,369,000 (5% under its asking price).
- The low sales were 4 income units in the condo-hotels at Blue Mountain for $232,000 to $290,000, all selling within 5% of their asking prices.
- There were 18 (34) condo sales, with an average of 35 (27) DOM, avg sale to list price ratio was 97.7% (100%), and the avg sale price was $645,967 ($752,299), down 14%.
- There were 25 (50) single family home sales, with an average of 44 (18) DOM, avg sale to list price ratio was 94.4% (100%), and the avg sale price was $1,849,536 ($1,622,263), up 14%.
CLEARVIEW: slightly fewer sales but double the length of time to sell, most sales are about 3% lower than ask, and the average value has dropped a whopping 42% from Q2.
- The high sale was a 28-year-old chalet on 1.6 acres just south of Creemore for $1,550,000 (9% below ask).
- The low sale was a small home with workshop/garage in Creemore for $381,000 (2% over ask).
- There were 42 (48) single family home sales, with an average of 33 (18) DOM, avg sale to list price ratio was 97.2% (98.6%), and the avg sale price was $781,824 ($1,352,835), down 42%.