As stated in a prior post titled A Hot Market For Luxury Homes in 2020, higher end homes and condominium sales, those priced over $1 million across the Southern Georgian Bay market continue to drive MLS® sales to new record levels in our region.
MLS® sales of luxury properties in the 1st Qtr of 2021 totalled 139 properties compared to 25 in the 1st three months of 2020 an increase of 114 properties or 456%.
NOTE: Information in this report covers residential properties priced over $1 million in the following municipalities: Clearview, Collingwood, Grey Highlands, Meaford, Blue Mountains and Wasaga Beach. It does not include properties sold by builders and or developers that are not listed on the MLS® System.
The value of these sales was $213.7 million up by $180.9 million or 550% from the same time last year when the pandemic hit mid March and sales essentially ground to a halt.
Sales in the luxury property lower price segments were the strongest in the 1st Quarter of the year as follows:
- Sales priced $1 to $1.499 million increased 400% to 85 units.
- Sales between $1.5 to $1.999 million increased 114% to 30 units.
- Sales between $2 to $2.499 Million increased 33% with 13 sales.
In the 1st Quarter of 2020 there were no sales between $2.5 to $2.999 and over the $3 million mark whereas both of those segments saw a 100% increase January through March this year with 9 and 2 properties sold respectively.
As of this report there are 81 properties listed for sale over $1 Million on the MLS® System of the Southern Georgian Bay Association of REALTORS®.
Between $1 to $1.499 million there are just under 2 months of available inventory listed for sale. In the $1.5 to $3 million price segments there are 3 to 4 months of supply while over the $3 million threshold there are 11 months of inventory. These months of inventory are based on the current rates of sale January to March 2021.
As we head into the 2nd Quarter I suspect we will see inventory levels rise, as more properties get listed by Sellers looking to take advantage of the current hot market conditions before any possible slowdown.
The Blue Mountains remains the key location of choice for luxury home Buyers with over 41% of the overall market for sales over $1 million followed by Collingwood, a distant second with 21% of the market. See chart below.
Given that the Blue Mountains has the largest share of the luxury home market in our area it comes as no surprise that the dollar volume is that municipality is far above all other areas at just under $94 million for the first three months of 2021 followed by Collingwood at $41.6 million and Clearview Township at $30.3 million.
Based on total MLS® sales in the 1st Quarter, the Municipality of Meaford has the highest “median” ie: middle-of-the-road sale price for luxury properties sold at $1.858 million followed by the Blue Mountains at $1.502 million and Clearview Township at $1.415 million.
Luxury property sale prices vary significantly across our region based on factors such as location, property size, waterfront and more. Having been a full time REALTOR® for over 20 years and with the added designation of being a Market Value Appraiser for residential properties, I find the current level of sales and pricing to be somewhat troublesome. The sheer number of multiple offers with properties selling for well over their often already inflated asking prices is neither healthy nor is it sustainable. I will share more on this in upcoming posts.
Whether you are a Seller or Buyer there is a great deal you need to know in order to navigate through the current turbulent market. Contact Me to learn more: firstname.lastname@example.org