At this time I am pleased to provide you with an updated Wasaga Beach Real Estate Market Report for the completed month of July 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).
Local market trends continue to conclude a Seller’s market at this time based on low inventory and very strong Buyer demand in Southern Georgian Bay.
After a record-breaking June, the month of July increased the number of recorded monthly sales once again. The average sales price continues to increase, the average list to sale ratio’s at almost 100%, and average days on market continuing to decrease.
In July, Wasaga Beach alone completed a very impressive 112 residential sales, with a total of 79 of those sales being detached freehold dwellings. Out of the 79 detached freehold homes sales, 35% (28) of those homes sold at 100% of the asking price or higher. The average list to sales ratio in Wasaga Beach is now at 99.7% entering August.
A total of 79 detached freehold home sales in July is the highest amount of monthly sales since June 2016.
In Collingwood, the 12-month average sales price of a residential-detached home spiked by an incredible +4.57% in only one month’s time ($627,689 in June to $656,404 in July). Bringing the year over year average increase to +10.62% at this time ($593,71 in July 2019 to $656,404 in July 2020).
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 $534,574. This value is up +9.09% over July 2019 ($490,034). An increase of $44,540 in one year’s time.
Month over month, the 12-month average sales price increased from $525,392 in June 2020 to an average of $534,574 in July, an increase of +1.75% in one month’s time.
The average days on the market for the home sold in July decreased to 26 days. A true account of the time period required to sell a home would be potentially less again as a number of listings completed a “Seller’s Direction” to hold offers for a number of days. Conditional periods are also a factor when estimating the average days on the market from listing to sold-firm.
Year to date the amount of residential-detached freehold ownership homes sold in Wasaga Beach is up +22.8% as we entered August 2020 over the same time in 2019. The month of July completed 79 sales in 2020, up from a total of 31 sales in July 2019 (+155%) and up from 34 sales in July 2018 (+132%).
The average list to sale ratio for homes sold in July was 99.65% of the asking price. For reference average list to sale ratio for all of 2019 was 97.09% of asking price. Out of 79 residential-detached home sales in July, 35% (28) of those homes had sold at 100% of the asking price or higher.
At this time the market only has approximately one (1) months worth of listing inventory entering August 2020. This is a very low number confirming a Seller’s market in a number of popular price ranges. A total of 79 sales were completed in July with only 82 active listings entering August. Out of the 82 active listings at the beginning of August, 67 are fully active and 15 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 $475,000 to $650,000. The highest amount of sales in the month of July was specifically between $500,000 to $600,000 with 32 sales in one month’s time.
Notably, year to date there has been a total of six (6) sales completed between $800,000 and $900,000, two (2) sales competed between $900,000 and $1M, and five (5) sales over $1M.Collingwood: The 12-month average sale price for a residential-detached freehold ownership home sold in Collingwood was $656,404 in July 2020. This value is up a total of +10.62% over this time last year ($593,371 in July 2019). This represents an average increase of +$63,033 in one year’s time.
Month over month, the 12-month average sales price in June 2020 was $627,689 which increased significantly by +4.57% in only one month’s time to $656,404 in July 2020.
The average days on the market was 44 days for the homes sold within the month of July 2020. This number was only slightly down from 46 days on the market in July 2019. Comparatively, the average days on market in July 2018 were 25 DOM.
The average list to sale ratio is holding at 98.75% of the asking price entering August 2020. This figure is up from the 2019 year average of 97.55% determining there has less price change in negotiations throughout the month of June and July.
At this time the inventory is approximately 1.3 months of inventory entering August 2020. A total of 48 residential-detached freehold ownership sales were completed in July leaving only 61 active listings entering August. Out of the 61 active listings, 50 are fully active and 11 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 52.6% market share entering August 2020. Our next singular competitor would need to increase their business by 130% 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.