MLS® condominium re-sales in the Southern Georgian Bay area continue to attract Buyers looking for a maintenance free property with which to enjoy the local recreational lifestyle.
Year-To-Date MLS® condo re-sales for the 1st Qtr of 2021 total $79.5 million an increase of $38.5 million or 94% from the 1st Qtr of 2020.
Year-To-Date MLS® sales of 142 condo units are up 46 properties, or 48% from the 96 units sold one year ago when the pandemic hit.
NOTE: This data includes the municipalities of Clearview, Collingwood, Grey Highlands, Meaford Blue Mountains, Wasaga Beach sales of new condo units made by developers which are substantial yet have not had a negative impact on the re-sale condo market.
The median sale price for condo units has risen steadily over the past 5 years, to the end of the 1st Qtr of 2021 the overall median price is $545,000 compared to $366,300 this time last year.
The median sale price has risen steadily 2017 through 2021. Buyers want larger units with garages, basements along with higher end finishes driving prices higher as developers respond. This has increased particularly among those purchasing a condominium for use as a full time residence.
As of this report the highest median MLS® sales prices are in Collingwood, the Blue Mountains and Wasaga Beach all of which are over $500,000. See chart below.
NOTE: “Median” sale prices are not the same as “average” sale prices. The median sale price is the mid-point in pricing of all units sold year- to-date. The average sale price is determined by dividing total sales dollars by the number of units sold
As shown on the attached chart, condominium sales are concentrated largely in Collingwood and the Blue Mountains. These two municipalities represent approximately 90% of the overall market in terms of units sold.
As of this report there are currently 62 condominium units listed for sale on the local MLS® System. Based on the current rate of sales for the 1st Qtr of 2021 there is 39 days of inventory listed for sale.
As we head into the second half of 2021, the demand for condominium units is not expected to diminish. New condominium developments currently under construction or proposed are in many cases close to or already SOLD OUT.
The emergence of new condo units will certainly impact the MLS® re-sale demand and price for older units many of which are smaller, dated and in need of updating and we can expect this trend to continue. That being said, many condominium properties in the area have proven to be good investments. A unit at Blue Mountain which I sold to my clients in 2005 for $328,000 was just resold for $865,000 and it sold in a matter of days.
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