The month of March proved to be strong start to the spring market and potentially a sign of having put the recession fully behind us - at least for now.
Sales in the Georgian Triangle last month reached the highest level on record for any March since 2004 with a total of 200 MLS® sales in all areas serviced by the Georgian Triangle Real Estate Board for all types of properties. Of the 200 sales, about 135 were single family homes and 24 were condominiums. There were also 25 vacant land sales. The number of new listings also climbed sharply with 614 new listings in March; a level not seen since May, 2008.
The 12 month average, residential sale price has returned to 2008 levels in most areas and is now at its highest level ever in some areas. Condominium sales continue to show a sharp rise compared to the previous two years and they have now returned to peak 2007 levels. 65 condos sold in the first quarter of this year with an average sale price of $237,000. These sales occurred across our area in all price ranges and follow the pattern of buyers moving to condominium living being reported in larger urban centres. We've also seen a return of recreational buyers and investors for this type of property. Only Thornbury has been slow to absorb the existing inventory of condominiums in that community.
In Collingwood, the sales-to-listing ratio hit 50% for the first time in years signaling a return to a sellers market; particularly for properties priced under $300,000. There was a resurgence in the higher-end market as well with 16 sales reported over $500,000 with two sales exceeding the $2.3 million dollar mark. Clearly, all signs point to a continued strong spring market.
The following information was obtained from the MLS® statistics provided by the Georgian Triangle Real Estate Board. It covers all areas serviced by the board. The first number is for March 2010 with March 2009 and 2008 results in brackets:
Total Number of Sales in all areas reported: 200 (106, 133)
Total # of new listings in all areas reported: 614 (500, 413)
# Active Listings as of March 31st: 1964
The following data is limited to Collingwood, Clearview, Grey Highlands, Meaford, Blue Mountains and Wasaga Beach areas only and, reports MLS® data for the first quarter of 2010:
a) March only Single Family Residential Sales: 123 (56, 91)
b) First Quarter Totals:
YTD Single Family Residential Sales 240 (134, 248 )
12 mos. Average Sale Price: $311,159 (262,243, 292,140)
Note: Even if sales over $999,999 are removed, the average sale price is still up by about 10% over last year).
YTD Sales-to-Listings Ratio: 29.16% (18%, 36.16%)
YTD Condo Sales: 65 (42, 56)
YTD Farms Sold: 2 (1, 6)
YTD Vacant Land Sold: 32, (16, 32)
YTD Commercial Sold: 8 (9, 10)
Statistics can be helpful but also misleading when not applied to a particular scenario. If you are looking at buying or selling in the Georgian Triangle area, it is important to consult with a REALTOR® to obtain detailed information about the statistics as they apply to your particular interests or needs.
If you are looking for such information in our area, send me an email or give me a call and I'd be happy to provide you with the latest sales data for your neighbourhood and property type.