The Collingwood and surrounding real estate market continues to defy all odds. The strong market conditions experienced in the Western Region of Southern Georgian Bay throughout the second half of 2020 have continued into 2021, due in large part to the pandemic creating lifestyle shifts for many, which include purchasing vacation homes, upsizing from condos in the GTA to single family homes with backyards in our 4 season, lifestyle driven utopia, and for many, cashing out and downsizing. Low interest rates have created buying opportunities that continue to push prices higher particularly in Collingwood and the Blue Mountains, forcing some buyers to look farther afield for more affordable homes in the Meaford area. The result of that clearly reflects in the lofty average sale prices in all areas in the Western Region in February 2021 and also marks a 33% increase year over year in the overall average sale price; to $778,589. The dollar volume for February 2021 climbed an astonishing 68.8 % over last February. The Sales to List Price Ratio to rose from 98.3 last February to 105.3 in February 2021. Perhaps with some Sellers wanting to capitalize on the hot market, new listings were up month over month, providing a bit of relief for Buyers. There was also a modest 4.3 % increase year over year with 267 new listings coming to market compared to 256 last February. Active listings were at record lows for February with a mere 211 listings available in February 2020, versus 579 last February, marking a significant 63.6 % decrease. Despite the low supply, 198 sales were reported in February 2021 vs 156 sales for the same period last year, which represents a 26.9 % increase year over year, a true testament to the unrelenting demand in the Western Region. Properties were moving at rapid speed, with “the fear of missing out” at play. Median days on market was just 9. Months of Inventory remained near record lows of 1.1 for February vs 3.7 months in February 2020. As we look toward the months ahead, with ongoing, low interest rates, short supply and high demand, we can expect to see the Western Region real estate market remain extremely robust.
For full detailed February 2021 real estate stats for the entire region as well as specific communities please click here now.
Diana Lea Berdini, Broker, Manager COLLINGWOOD | OWEN SOUND | BARRIE
Chestnut Park Real Estate Limited, Brokerage