Collingwood & The Blue Mountains Market Report: Q1 2023 Comparison
Q1 2023 Market Reports for Collingwood & The Blue Mountains are now out! Rather than show any sort of doom and gloom, I thought it best to show real context rather than compare last year’s outlier to this year so I am using a 3 year 1st Quarter sales comparison so you can get a better understanding of the “real” real estate market. Without further ado let’s have a look at the first quarters of 2021, 2022 & 2023.
Word in the real estate industry is that we are circling back to 2021 sales numbers. If we look at the first quarter’s sale numbers this certainly seems to be the case for Collingwood Single Family homes, but not The Blue Mountains.
Collingwood’s 2021 Average for single family homes was $780,000 and in 2022 climbed up to an impressive $1,236,000. For 2023 we have now levelled back to an average of $800,000.
In The Blue Mountains Single family homes average sale price for March Year-to-Date first quarter 2021 was $1,501,900, 2022 average was $1,457,000 again which was the height of the pandemic and then in 2023 it climbed to a whopping $2,465,000 average!! How do we explain this? We had some HUGE sales pricing in the luxury 2.5-6 million dollar categories that really swayed the averages.
If we look at the Townhomes, 2021 Averages in The Blue Mountains were $1,08,500, then in 2022 average sales were $1,275,000 and then to $819,000 in 2023. Again how can we explain that? Well The Blue Mountain Village has very reasonably priced condos that saw a surge in sales since the pandemic so this swayed the averages downward as these are lower price points.
In Collingwood Townhomes average prices were $685,000 in 2021, in 2022 they averaged $807,500 and fell to an average of $531,500 for 2023.
So we can say that looking at average sales price is only PART of the real estate market picture. We definitely have to look what other market activities are happening and question this sold data. For instance, are there pre-construction projects available that sold off market? If yes, does this limit resale purchases in the area? How much inventory was actually traded when buyer consumer confidence was down? If one single family home sold for 6 million and 6 others sold for 1.4…guess what the average sale will be for the area? OVER 2 million! Therefore it is SO very important to look at local sales data with a microscope because folks we have a lot of micro markets up here. Location-location-location is still what sells.
As rate hikes hold, buyer confidence is up and we are starting to see buyers out in droves to area open houses. I can’t wait to see how next quarter compares. I am a bit of a stats analysis nerd because I like to dig deep behind the sales numbers. So thank you for having a quick read of our Collingwood & The Blue Mountains Market Report: Q1 2023 Comparison. For an in-depth market chat contact us here!