The southern Georgian Bay real estate market continues to perform beyond our expectations. Unit MLS ® sales are up 26% through the end of April, while MLS®dollar sales have increased 36% over the first four months of 2014. Conversely, the number of new MLS® listings coming onto the market are down 14% year-to-date. This signals a change where we are now in a market that favours sellers, a situation that we have not seen in a number of years. So how is the luxury or upper-end of our market performing?
To the end of April there have been 29 MLS® sales in our market over $750,000 in 2015 compared to 20 sales during the same period last year, an increase of 45%. There are currently 86 properties listed for sale in our area on the MLS®system of the Southern Georgian Bay Association of REALTORS ®. This represents an 11 month supply of available inventory listed for sale in our area above $750,000. Typically this number has represented a three year or greater inventory of available high-end housing inventory so as in the market overall, we have seen a sharp reduction in the amount of available houses listed for sale in the upper price ranges of our market.
Is now a good time to consider selling? Seemingly so, sales are up and inventory is down. In virtually every price range, properties accurately priced to the market are selling quickly and some above the asking price stemming from multiple offers, a condition we rarely see in this market. That being said, higher priced properties do take longer to sell. Buyers in these price ranges are smart savvy shoppers. Many have built and or renovated properties in the past and they know the relative cost to build etc. They will not overpay making the pricing of your property all the more important.
If you are contemplating selling your upper end property whether it be a house or condominium I would be delighted to give you a no obligation assessment as to your property’s current market value and how is should be presented and marketed to obtain the best possible selling price. Please feel free to contact me at your convenience any time, my cell number is 705-443-1037.