2010 Condo Sales up 43%

Condominium resales have enjoyed a strong resurgence during the first half of 2010 with unit sales reported through the MLS® system of the Georgian Triangle Real Estate Board (GTREB) up 43% to the end of June.  Dollar revenue is up even higher totaling $37.4 million for the first six months of 2010, an increase of 64% from the prior year. 
As noted on the accompanying graph, resale condo sales on an annualized basis have not historically posted consistent gains from year to year.  In general,  resale condominium unit sales have consistently totaled in the low 300 range annually with the exception of 2008 which was abnormally weaker.  These sales do not include the sale of new condo units in developments such as the Village at Blue, Cranberry, Lora Bay and others.
Through the first six months of this year, 101 resale condominium units have been sold in Collingwood compared to 75 in 2009, an increase of 35%.  Condo sales in the Blue Mountains total 51 units up from 35 last year, an increase of 46%.  Condo sales in other municipalities most notably in Wasaga Beach and Meaford make up the difference have have increased from 3 units sold in the first six months of 2009 to 13 units so far this year.
Condominium properties have always been popular with recreational buyers looking for an economical entry into our market either for ski season use or for use as a year round weekend retreat.  Increasingly we are seeing first-time home buyers looking at the condominium alternative to a single family home simply because they are more affordable.  As an example, a small war-time home 600 square feet in size recently sold for $121,000 and required a lot of work.  Conversely, $100,000 to $110,000 will buy you a similarly sized condo or for $120,000 to $130,000 you can buy a condominium with close to twice that square footage.  No doubt it is these first-time buyers that is helping to increase the area's condominium sales year-to-date and this trend will no doubt continue.  Even with a monthly condo fee, condo ownership can make sense for those on a strict budget without a lot of extra income to put towards maintenance and or renovation expenses. 
For additional information pertaining to the local condominium market please see the Summer 2010 issue of my Condo Communique´ condominium newsletter or to discuss your particular condominium buying and selling needs please do not hesitate to Contact Me.

Grey Highlands Leads Area in Sales Increases for 2010

Unit sales reported through the MLS® system of the Georgian Triangle Real Estate Board for the first six months of 2010 shows that the Municipality of Grey Highlands leads the the Georgian Triangle in year-over-year sales increases 2009 versus 2010.  For the period ended June 30th, unit sales in Grey Highlands are up 69% for the first six months of the year totaling 49 as compared to 29 sales in the first six months of 2009.  The average residential sale price in Grey Highlands is also up almost 16% year-to-date reflecting the fact that many of the sales in 2010 are of greater value than those reported in 2009, a fact that is consistent across our market this year in general.  MLS® sales in both the Municipality of Meaford and the Blue Mountains are running 35% and 30% ahead of 2009 respectively.  Other area municipalities are all posting sales gains in the first six months of the year with the Town of Collingwood having the smallest gain of just under 12%.  The adjacent chart shows the level of sales activity in each of the various municipalities throughout our area. For additional market news please see the latest copy of my "Georgian Triangle  Real Estate News" or as always, feel free to Contact Me for a no oblogation consultation re: your specific real estate buying or selling needs.

First Half 2010 Real Estate Sales Revenue Up 48%

Area real estate sales reported through the MLS® system of the Georgian Triangle Real Estate Board continued to show strength in the second quarter of 2010 with year-to-date sales to the end of June up 48% over 2009, despite the tightening up of mortgage qualification criteria and slight increases to the historically low mortgage rates. This, coupled with the arrival of Ontario’s Harmonized Sales Tax (HST) effective July 1st, may account for slower growth in sales during the remainder of the year. “According to the Conference Board of Canada’s index of consumer confidence, consumer sentiment lost some ground after having increased in the first quarter, and is now roughly back on par with levels reported at the end of last year. The decrease in confidence reflects weaker outlooks for household budgets and employment, and less enthusiasm about making major purchases.”

Statistics for the month of June 2010, reflect a slight softening in number of listings and number of sales versus June 2009: 503 properties were listed on the local MLS® system in June 2010, vs. 551 in June 2009, a decrease of 8.7%; 197 properties sold in June 2010, versus 206 in June 2009, a decrease of 4.3%. Sales volume, however, was $61,790,689 in June 2010, vs. $50,660,918 in June 2009: an increase of over 21% stemming from increased sales in every price category above $500,000.

For the first six months of 2010, 985 properties have changed hands year-to-date (YTD), surpassing the 769 properties sold same period last year, an increase of 28.1%. MLS® Sales volume of $281,255,054 (June 2010 YTD) represents a solid 47.6% increase over $190,541,815 (June 2009 YTD). As noted in the chart above, all price categories have seen an increase in number of sales June 2010 vs. June 2009: under $250,000 520 vs. 494, or 5.3% increase; $250,000 to $499,999 375 vs. 234, or 60.3% increase; $500,000 to $999,999 75 vs. 34 or 120.6% increase and in the over $1 Million category, 15 sales vs. 7 sales, or an increase of 114.3%.

The current Georgian Triangle MLS® sales-to-listing ratio shows a return to a more balanced market conditions. With the introduction of the H.S.T., the possibility of slightly higher mortgage rates and tighter qualification rules for mortgage financing, sales activity is expected to remain stable in the months yet may decrease slightly from the somewhat hectic pace experienced in the last quarter of 2009 and first quarter of 2010.

The World's Most Versatile Chair

Most home sellers today acknowledge that we are in competitive market conditions with many homes listed for sale all trying to capture the attention of potential buyers.  Sellers are on an ever increasing basis asking their listing REALTOR® for suggestions as to how they can prepare their home to show it to its best advantage including the correct placement or staging of furniture.  Well a Chinese entrepreneur may have the perfect solution as to how you can alter the look of your home's living or family room with a minimal of fuss and or investment.  Watch the video above to learn more.  Who says you need a room full of furniture to give your home a fresh new "look."  Home stagers beware!