Increased unit sales, sales volume, and sale price continue to maintain after a preceding four (4) month period of low standing inventory and consistent buyer demand here in Southern Georgian Bay.
After a record-breaking summer, the month of September 2020 set new boundaries once again in Wasaga Beach by completing an impressive +67.5% more sales than September 2019. This was an increase of 27 sales (40 sales in 2019 to 67 sales in 2020). And even with what was an understandably slow market in spring, the year-to-date unit sales total is up +40% at the end of September and the third quarter of 2020 (335 sales in 2019 to 469 sales in 2020).
What is potentially even more impressive than the number of sales being completed in Wasaga Beach is September’s list to sell ratio achieving 99.88% of the asking prices on average. A total of 33 of the 67 sales were completed at 100% of the asking price or higher. That is nearly 50% of the homes sold in September! And the third straight month in a row with an average list to sale ratio of over 99% of asking.
And let’s not forget about the price. The average residential-detached home price has increased by approximately just over 6% in only four (4) month’s time. The 12-month average sales price in May was $520,877 in comparison to the 12-month average sale price at the end of September being $556,567. A difference of $35,690 or $8,923 per month (average) in a short period of time. Granted the area traditionally witnesses the highest price increases in months April to October each year and more modest increases during November to March. Both adding to the combined annual increase and year over year increases.
In Collingwood, the number of units sales, while increased, have been softened by the low inventory in 2020. The month of September completed 46 residential-detached home sales in comparison to 42 in 2019. This represents a +9.5% increase over September 2019. Year to date, the number of sales are slightly down by -2.15% (279 sales in 2019 to 273 sales in 2020), but the ALL residential sales are up +5.98% (518 in 2019 to 549 in 2020). All residential sales reflex the growing increase in condominiums and townhouses in the area. Year to date in Collingwood, detached freehold ownership home sales are now only 50% of the ALL residential total sales in 2020. An interesting observation in the growth of Collingwood urbanization. In comparison, detached freehold ownership homes still represent 72% of the total ALL residential sales in Wasaga Beach.
While the low inventory has kept the Collingwood unit sales close to on par to the preceding year, what has not is the price. The low inventory and consistent buyer demand for Collingwood have increased the 12-month residential-detached home price to $717,443 at the end of September. This amount is an astonishing +21.66% over September 2019 ($589,727). An increased percentage range in the local market has not witnessed since 2017.
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.
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 $556,567. This value is up +11.5% over September 2019 ($499,220). An increase of $57,347 in one year’s time.
Month over month, the 12-month average sales price increased from $553,839 in August 2020 to an average of $556,567 in September, an increase of +0.5% in one month’s time.
The average days on the market for the home sold in September decreased to only 12 days. A true account of the time period required to sell a home would be potentially less again as a number of listings selected to implement a “Seller’s Direction” and hold offers for a number of days. Conditional periods are also a factor when estimating the average days on the market from listing to the reported sold-firm date.
Year to date the amount of residential-detached freehold ownership homes sold in Wasaga Beach is up +40% as we entered October 2020 over the same time in 2019. The month of September completed 67 sales in 2020, up from a total of 40 sales in September 2019 (+67.5%) and up from 38 sales in September 2018 (+76.3%).
The average list-to-sell ratio for homes sold in September was 99.88% of the asking price. For reference, the average list-to-sell ratio for all of 2019 was 97.09% of the asking price. Out of 67 residential-detached home sales in September, nearly 50% (33) of those homes sold at 100% of the asking price or higher.
At this time the market only has approximately just under one (1) months worth of listing inventory entering October 2020. This is a very low number confirming a Seller’s market in a number of popular price ranges. A total of 67 sales were completed in September with only 65 active listings on October 1st, 2020. Out of the 65 active listings at the beginning of October, 48 were fully active and 17 already had 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 $500,000 to $600,000. The highest amount of sales in the month of September was almost a tie with 16 sales completed between $500,000 to $600,000 and 15 sales completed between $600,000 to $700,000 in one month’s time.
Notably, year to date there has been a total of six (6) sales completed between $900,000 and $1M, a total of twelve (12) sales between $1M to $2M, and one (1) sale over $2M in 2020 YTD.
Collingwood: The 12-month average sale price for a residential-detached freehold ownership home sold in Collingwood was $717,433 in September 2020. This value is up a total of +21.66% over this time last year ($589,727 in September 2019).
Month over month, the 12-month average sales price in August was $685,729 which had increased +4.62% in only one month’s time to $717,433 by the end of September.
The average days on the market was only 14 days for the homes sold within the month of September 2020. This number was significantly down from 49 days on the market in September 2019. Comparatively, the average days on market in September 2018 were 39 DOM.
The average list-to-sell ratio is holding at 98.99% of the asking price entering October 2020. This figure is up from the 2019 year average of 97.55% determining less price negotiation taking place due to current market conditions.
At this time the inventory is just less than one (1) months of inventory entering October 2020. A total of 46 residential-detached freehold ownership sales were completed in September leaving only 45 active listings entering October. Out of the 45 active listings, 36 are fully active and 9 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 53.8% market share entering October 2020. Our next singular competitor would need to increase their business by 113% 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.