At this time I am pleased to provide you with an updated Wasaga Beach Real Estate Market Report for the completed month of May 2020.
All information provided below is in reference to residential-detached freehold ownership homes, sold in Wasaga Beach and Collingwood, by all brokerages and as reported to the Southern Georgian Bay Association of Realtors (SGBAR).
After the uncertainty of the market in late March 2020 and a lower than average amount of sales in the month of April, virtual home selling tools, pent up demand, and the implementation of added safety protocols in the real estate industry has contributed to a very impressive road to recovery in the month of May.
Residential home sales were quick to rebound in the month of May following a significant decrease in the month of April due to Ontario’s COVID-19 State of Emergency. In April 2020 all residential unit sales were down a total of -64.9% in comparison to the previous year, however, the month of May softened that differential to -42.4% and only -23.1% year to date in the Western Districts of Southern Georgian Bay. Industry market predictions in March and April feared the market could potentially remain slow until the summer or fall although the majority of the market in Ontario witnessed improvement right away in May and recent conditions have been indicating a healthy amount of unit sales in the month of June.
In Collingwood, all residential unit sales decreased by -71.9% in the month of April which is slightly lower than the average for the area. This greatly improved in the month of May with all residential unit sales only being down -36.2% and -3.9% year to date in 2020.
In Wasaga Beach, all residential sales were down -35.6% in the month of April, significantly less than the average of -64.9% for the area. And in May this number softened once again to -21.8% and -10.9% year to date.
Inventory remains historically low in the area and consumer interest remains consistent. With the use of virtual tools in the real estate industry and implementation of personal protection equipment and safety protocols, transactions continue to transpire.
Home values increased in Collingwood during the month of May and are holding with only a small decrease in Wasaga Beach credited to the supply and demand ratio and the aforementioned pent up demand.
Included, herewith below, are some additional observations to specifically reference detached residential freehold ownership homes from our most recent market report.
Wasaga Beach: The 12-month average sales price for a residential-detached freehold ownership home sold in Wasaga Beach is currently $520,877. This value is up +9.58% over May 2019 ($475,344). An increase of $45,533 in one year’s time.
Month over month, the 12-month average sales price remained flat based on the sales completed in May 2020. Notably, the 12-month average sales price in April 2020 was $521,297 which softened just slightly to $520,877 in May 2020 (-0.08%). Values are for the most part holding and unit sales are starting to increase back closer to annual averages.
The average days on the market in May decreased in only 39 days. Thanks to the industry’s quick adaptation to current events, the days on market in May 2020 were exactly on par with the average days on market in May 2019 (39 DOM).
Year to date the amount of residential-detached freehold ownership homes sold in Wasaga Beach is down slightly by -13.8% as we entered June 2020 over this same time in 2019. The month of May completed 33 sales in 2020, down from a total of 45 sales in May 2019 (-26.7%) and down from 46 sales in May 2018 (-28.3%).
The average list to sale ratio for homes sold in May was 97.55% of the asking price, a number which is slighter greater than the 2019 year-end average of 97.09% of asking price. The months of January, February, and March were all higher than the average list to sale ratio indicating there had been little negotiation in price during the first quarter of 2020. Following by a slight decrease to 96.59% in April and back up to an average range at 97.55% in May.
At this time the market has approximately 3.1 months of listing inventory entering June 2020. A total of 33 sales were completed in May with 103 active listings entering June. Out of the 103 active listings at the beginning of June, 90 are fully active and 13 have conditional sales underway.
The highest amount of residential-detached freehold ownership homes sold in 2020 (year to date) has been within the price range of $375,000 to $450,000 and $475,000 to $650,000. The highest amount of sales in the month of May was specifically between $435,000 to $450,000 (5 sales), $505,000 to $545,000 (7 sales), and $565,000 to $600,000 (6 sales) in one month’s time.
Notably, year to date there has been a total of three (3) sales completed between $800,000 and $900,000 and three (3) sales over $1M. With interestingly none between $900,000 and $1M.
Collingwood: The 12-month average sale price for a residential-detached freehold ownership home sold in Collingwood was $627,997 in May 2020. This value is up a total of +9.69% over this time last year ($572,513 in May 2019). This represents an average increase of +$55,484 in one year’s time.
Month over month, the 12-month average sales price in April 2020 was $622,968 which increased by 0.39% in one month’s time to $627,997 in May 2020.
The average days on the market was 65 days for the homes sold within the month of May 2020. This number increased from a total of only 33 days on the market in May 2019. Comparatively, the average days on market in May 2017 were 23 DOM.
The average list to sale ratio decreased to 96.97% of the asking price entering June 2020. This figure is slightly down from the 2019 year average of 97.55% determining there has been a small price change in negotiations during Ontario’s COVID-19 State of Emergency.
At this time the inventory is approximately 6.1 months of inventory entering June 2020. A total of 13 residential-detached freehold ownership sales were completed in May leaving 79 active listings entering June. Out of the 79 active listings, 69 are fully active and 10 have conditional sales underway at the beginning of the month.
Marketshare: Within Wasaga Beach, RE/MAX Of Wasaga Beach Inc. Brokerage continues to dominate the real estate sales activity and volume with an impressive 49% market share entering June 2020. Our next singular competitor would need to increase their business by 79.9% to match RE/MAX’s production.
RE/MAX Of Wasaga Beach Inc. Brokerage continues month over month, year over year, to be Wasaga Beach’s most productive agents.
Nobody in the world sells more real estate than RE/MAX.
Have a great day!