Despite dire predictions from various media sources
regarding Canada’s real estate market being on the verge of a major correction,
sales across the country in 2013 remained very robust.
Here is the southern Georgian Bay area, MLS®
sales in 2013 totaled $624.5 million, up 9% from 2012 and a new all time high. MLS® single family home sales in terms of
units sold were up 4% while
condominium sales increased 6% during 2013.
condominium sales increased 6% during 2013.
The upper end of the market reflected the same positive growth with luxury homes
very much in demand especially those priced over $1.5 million. Sales over $1 million totaled 31 properties
up from 26 sales in 2012. MLS® unit sales
between $1 and $1.5 million were actually 1 less than the prior year with 21
sales reported versus 22 in 2012. Meanwhile,
sales above the $1.5 million threshold more than doubled with 10 MLS® sales reported
compared to just 4 in 2012.
The accompanying charts illustrates the five year
trend for MLS® sales in our area from 2009 to 2013. On this chart I have also included the number
of current MLS® listings in the area over $1 million. Based on the rate of sales for $1 million+
properties that we experienced in 2013, there is currently a 48 month inventory
of properties priced at $1 million or more in our marketplace.
Successfully attracting
a buyer for properties in this segment of the market is very much dependent on
price. Potential buyers for luxury,
high-end properties are perhaps the savviest of consumers. Obviously there is an abundance of resale
inventory for them to choose from. If
you are contemplating either selling or purchasing a high-end, luxury home in
our area during 2014, please feel free to contact me for a candid, confidential
and no obligation discussion about your needs or plans and put my expertise to
work for you. Happy New Year!
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