To summarize Q3 in the Collingwood real estate market: volume and unit sales continued to be down, while the average sale prices were up.
The year-to-date sales volume was $350,342,958; that’s down 23% from 2021. Unit sales were down 34% from last year but new listings were up 13%.
Not surprising, then, that the third quarter sales volume was also down; at $95,316,910 that’s a decrease of 36%. New listings for the third quarter were up 36%.
Those keeping an eye on the year-to-date average sale price will note a record figure of $925,833—that’s up 16% from 2021. The average days-on-market, year-to-date, is 18.
The market is transitioning towards balance, according to the latest in-depth market report from Royal LePage’s Locations North, and the demand for listings is less than the supply. Houses are taking a bit longer to sell (only slightly), with an average of 16 days in September, an increase of 2 days since this time last year.
The Q3 average sale price for 2022 is $800,982. Looking at price ranges, year-to-date sales were up in only the two most expensive categories: $1.5M-$1.999M (+56%) and $2M+ (+11%). Year-to-date sales fell in each of the other price ranges: Under $300K (-600%), $300K-$499K (-62%), $500K-$799K (-54%), $800K-$999K (-1%).
Volume was the lowest it has been since 2019 and year-to-date sales were the fewest they’ve been in the last ten years. That said, 2022’s year-to-date average sale price of $925,833 is still doing well.
The average sale price for a single-family home in the region was $1,082,578, up 10% from 2021. For a condominium it was $661,307 (up 13%) and for a townhouse $823,454 (up 19%).
As we head into the final months of 2022 and gauge the result of the Bank of Canada’s latest interest rate hike, it will be interesting indeed to see how the market reacts.
No one sells more luxury real estate throughout South Georgian Bay than the REALTORS® at Locations North, with offices in Collingwood, Thornbury, Creemore, Craigleith, Meaford, Wasaga Beach and Stayner. View their listings here.