February 2010 Georgian Triangle Real Estate Market Report

Real estate activity in February in Collingwood, Blue Mountain and area continued to show recovery over the picture we saw one year ago.

Sales in the Georgian Triangle in February, 2010 were up 39% compared to the same month last year when we were in the depth of the recession.  There were 107 sales of all types reported in our area in February but this was still well below the 139 sales reported in the same month in 2008.  The number of new listings for the month declined by 13% over a year ago with 347 new listings in February.

The 12 month average, residential sale price is returning to 2008 levels in most areas and is now higher in Wasaga Beach and Collingwood than it was in 2008.  Condominium sales continue to show a sharp rise compared to the previous two years. There have been 43 condos sold in the first two months of 2010 with an average sale price of $228,869 compared to just 22 sales in the same period last year with an average sale price just under $195,000. 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.

Despite what we hear in media reports about an over-heated market, you can see by the data below that we have not rebounded fully from the depths of last years recession.  We are certainly in a much improved position but, with the exception of condominiums, we have not recovered to 2008 pre-recessionary levels.
The following information was obtained from the MLS® statistics provided by the Georgian Triangle Real Estate Board.  The first number is for February 2010 with February 2009 and 2008 results in brackets:

Total Number of Sales in all areas reported:  107 (77, 139)
Total # of new listings in all areas reported: 347 (398, 402)
# Active Listings as of February 28: 1770

The following data is limited to  Collingwood, Clearview, Grey Highlands, Meaford, Blue Mountains and Wasaga Beach areas only:
February Single Family Residential Sales:  71 (52, 82)
YTD Single Family Residential Sales 115 (77, 154)
12 mos. Average Sale Price:  $297,657 ($285,069, $315,598 )
YTD Sales-to-Listings Ratio: 28% (18%, 37%)
YTD Condo Sales:  43 (22, 35)
YTD Farms Sold:  2 (1, 4)
YTD Vacant Land Sold:  10 (5, 24)
YTD Commercial Sold: 5 (6, 6)

A number of factors are at play in the market.  The number of new listings has stayed low and if this continues, we will see upward pressure on prices.  We are hearing more talk of new listings coming online as sellers try to beat the introduction of the HST on July 1st.  New mortgage rules that come into effect on April 17th may also cause a minor uptick in buying activity as does the ongoing fear of rising interest rates.  Signs would currently point to an expected strong spring market.

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About Marg

is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.

This entry was posted by Marg on Wednesday, March 3rd, 2010 at 5:19 am and is filed under Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Comment

  1. Steward says:

    Good to see that the market is starting to recover in your area. I think that this is the general picture is many other markets throughout, and might even signal a overall recovery in the Canadian real estate markets. For example, realty in Calgary is predicted to grow this year by 6.3% and 17.7% in price and sales respectively. Both of these number signal that the markets are on their way to a recovery; albeit a slow one.

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