Once again luxury home and condominium properties were very much in demand during 2014 although there was a shift in activity in terms of pricing with an increased emphasis on properties under $1 million.
For discussion purposes, we consider luxury properties in our market to be anything that is priced over $750,000. In 2014 there were 79 sales reported through the MLS® system of the Southern Georgian Bay Association of REALTORS® (SGBAR) an increase of 36% over the 58 sales reported in 2013. The bulk of this increase in sales activity took place in the $800,000 to $999,999 price segment. Sales between $800,000 and $899,999 were double the prior year with 20 sales in 2014 versus 10 in 2013. Sales of properties valued between $900,000 and $999,999 were up 80% with 18 sales reported in 2014 compared to 10 in 2013.
At the extreme upper end of the market, sales over $1.5 million in 2014 remained unchanged with 9 MLS® sales reported in both 2013 and 2014. Sales between $1 and $1.499 million increased a respectable 53% with 23 sales last year compared to 15 in 2013. These numbers clearly reflect that for whatever reason, there were significantly more upper end buyers looking for something in our market under $1 million while the over $1 million market posted more modest growth. The Blue Mountains is clearly the municipality of choice when it comes to luxury, high-end properties. While upper-end MLS® sales in the Blue Mountains were off slightly last year with 30 properties sold compared to 31 in 2013, overall sales in this municipality still represents well over 33% of the $750,000 and up sales in our market. Without question, many of these buyers are members of the area's private ski clubs and their preference is to be located close to those clubs, the Village at Blue and the conveniences found in Collingwood.
Not all upper end property types and or locations reflected a strong demand in 2014. In my next posting I will highlight some of those areas where sales remain soft and what you need to be aware of.
For a summary of the overall real estate market inb 2014 see my Live Play - Georgian Bay blog
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