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 & retirement lifestyle.
Year-To-Date MLS® sales to the end of June of 343 condo units are up 152 properties, or 79% from the 191 units sold a year ago after the pandemic hit us in March.
Year-To-Date MLS® condominium re-sales to the end of the 2nd Quarter of 2021 total $208.8 million an increase of $123.0 million or 143% from the first six months of 2020.
NOTE: This data includes the municipalities of Clearview, Collingwood, Grey Highlands, Meaford Blue Mountains, Wasaga Beach. and does not include sales of new condo units made by developers which are substantial yet have not had a negative impact on the re-sale condo market activity.
The median sale price for condo units has risen steadily over the past 5 years, to the end of the 2nd Quarter of 2021 the overall median price is $558,600 compared to $416,900 this time last year.
The median sale price has risen 2017 through 2021 as Buyers want larger units with garages, basements along with higher end finishes driving prices upwards as developers respond accordingly. This has increased particularly among Buyers purchasing a condominium for use as a full time residence.
As of this report the highest median MLS® sales price is in the Blue Mountains, Collingwood and Wasaga Beach median sale prices are similar at just under $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 50 condominium units listed for sale on the local MLS® System, that is down from 62 units listed for sale at the end of the 1st Quarter. Based on the current rate of sales year-to-date there are just 26 days of inventory listed for sale at the current time.
As we head into the 3rd Quarter of 2021, the demand for condominium units is not expected to diminish however I suspect market activity overall may be slower. Residential market activity in general has slowed over the past couple of months. While multiple offers are still happening they are much less frequent and we are once again seeing “price reductions” for both homes and condominiums which is something that has been absent for a year or more. New condominium developments currently under construction or proposed are in many cases close to or already SOLD OUT.
Over time, 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.
Contact Me for a confidential consultation of your condominium selling or buying objectives. I have a substantial amount of experience in condominium listings and sales and I would be delighted to help you determine if a condominium is the right lifestyle and investment choice for you.