2017 Market Snapshot – First Quarter
2017 Market Snapshot
South Georgian Bay begins the 2nd quarter of 2017 with an excess of demand over supply – definition of a Seller’s Market – driving prices to an all-time high. Our data reports that listings are down by 21% for the quarter ending March 31st but sales are up by 18.6% for the same time frame over 2016.
In this period there were 28 reported sales over $1M compared to 13 in 2016. Sales in the $500,000 to $800,000 grew 85% from 52 units in 2016 to 96 units this year. The average days on market for this period was 56 down from the 67 of 2016.
For the purpose of this report, our focus will be on the 3 key trading areas in which we have the most expertise – Blue Mountains, Collingwood and the areas of Clearview nearest to Collingwood. There were 559 new residential listings for the period and 466 sales for the same period representing an 83% sale to list ratio up from 76% in 2016.
- The average selling price for the period was $458,150 up 19.9% over 2016
- There were 3 reported sales over $1M including a waterfront home in Mariners Haven selling for $3.6M
Blue Mountain Highlights:
- The average selling price for the period was $687,079 up 6.4% over 2016
- There were 14 reported sales over $1M including a country home with a pond and 42 acres for over $2.5M off Grey Road 19
- The average selling price for the period was $519,478 up 35.9% over 2016
- There were 5 reported sales over $1M including a country home on 36/37 Notawasaga Side Road for $1.9M
- NEW: Starting with the 2016 tax year, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption – this may impact individuals that claim a portion of their house expenses for business use
- New home sales are brisk and in many cases have sold all inventory pre-construction
- Crestview Estates Phase 2 at Blue Mountain Announced – new homes from the $600’s – Grand Opening was March 25th – all homes sold out!!
- Van Dolder’s Home Team planning to open on Mountain Road east of 10th Line
We continue to see movement from metropolitan Toronto to the area for both retirees, young entrepreneurs and weekend residents. Residential home sales cannot keep up with the demand, causing multiple offers and bidding wars similar to what is being seen in the City. Mortgage and financial experts say that this “bubble” will not “burst” but will level out over the next 12 months. Time will tell!