What’s going on in the local real estate market now?
For a bit of insight beyond the numbers, Village Media reached out to REALTORS® Brent Cartwright, Mike Hays and Melissa Worts to find out more about the latest market rebound, if now is the time to buy and/or sell, and what summer is likely to bring to the Collingwood and Blue Mountain area.
VM: What is currently going on in the local real estate market in Collingwood?
Brent Cartwright: There’s a definite sign of confidence in the real estate market right now. The past few months have been stronger with listings and sales up month-to-month and up from the same time last year.
VM: How would you best describe what prices are doing right now?
Mike Hays: For the past few months we have seen an increase in sales volumes and the average price of properties. Prices are still down from this time last year, but the sales volume, unit sales and sales/listing ratio are all up for sure (5%, 21% and 4%, respectively).
VM: Is there more inventory available yet?
Melissa Worts: In some sectors of our market, I feel we are seeing more inventory. With our area, we have such diverse type of listings, from recreational to investment, including of course full-time family homes. There is still a need for full-time residential inventory and I do not feel that is going to change anytime soon.
VM: What can buyers and sellers realistically expect at this time? Are there any particular strategies that you recommend they employ?
Brent Cartwright: For buyers, definitely consult with a mortgage broker right out the gate to establish your qualifications for borrowing and narrowing down your property search. Reach out to one of us to discuss your needs and wants; we are able to keep you updated daily on listings and sales, which will help to educate you when you are ready to pull the trigger.
For sellers, it is having us visit your property to be able to properly prepare a market comparison analysis for you. This will help us determine where your home should list pricewise on the current market. If you are not ready to list right away, that’s fine; the market is shifting month-to-month and we can keep you up to date on your property as it shifts.
VM: Is this a better time to buy and sell than it has been in recent months?
Mike Hays: Yes, for both buyers and sellers. We need inventory, so it is a good time for sellers to look at all options for selling in the current market. For buyers, all indications right now are that the market is going to continue to strengthen. Prices are still down significantly from this time last year.
VM: Do you happen to have any predictions as to what we can expect to see marketwise over the summer months?
Melissa Worts: With a market that has been consistently strengthening over the past few months, it seems to support most economists’ thoughts that the third and fourth quarters of 2023 will be strong. Almost all market predictions are starting to align, forecasting that the latter half of the year will continue to show strength and growth.
We are already starting to see this happen with the April and May reports—we have very detailed market monthly reports that we are happy to share with our clients. If you would like to receive these, please drop us a line or subscribe on our website at the bottom of our home page and we will be happy to send you one every month.
VM: What is specific to the Collingwood market in particular that readers should know about?
Brent Cartwright: The Collingwood and Blue mountain area continue to be a very popular real estate market. We have such an amazing four-season location that it will always have something to offer for everyone. The lifestyle seems to sell our area for both people looking to relocate and also have a weekend/vacation property.
The Georgian Blue Group is a collaboration of three local agents who each have extensive knowledge of the area and the local real estate market. They are professionals who live, love, raise their families and socialize in Collingwood and Blue Mountain. They offer elevated service, marketing and knowledge, and can give you the insider information you need to be able to make an informed decision.
If you’re in the market to buy or sell in Collingwood, Thornbury, Blue Mountain or along the waterfront of Georgian Bay, reach out to the Georgian Blue Group Team by visiting their website or sending an email to [email protected].