Despite dire predictions from various media sources regarding Canada’s real estate market being on the verge of a major correction, sales across the country in 2013 remained very robust.
Here is the southern Georgian Bay area, MLS® sales in 2013 totaled $624.5 million, up 9% from 2012 and a new all time high. MLS® single family home sales in terms of units sold were up 4% while
condominium sales increased 6% during 2013.
condominium sales increased 6% during 2013.
The upper end of the market reflected the same positive growth with luxury homes very much in demand especially those priced over $1.5 million. Sales over $1 million totaled 31 properties up from 26 sales in 2012. MLS® unit sales between $1 and $1.5 million were actually 1 less than the prior year with 21 sales reported versus 22 in 2012. Meanwhile, sales above the $1.5 million threshold more than doubled with 10 MLS® sales reported compared to just 4 in 2012.
The accompanying charts illustrates the five year trend for MLS® sales in our area from 2009 to 2013. On this chart I have also included the number of current MLS® listings in the area over $1 million. Based on the rate of sales for $1 million+ properties that we experienced in 2013, there is currently a 48 month inventory of properties priced at $1 million or more in our marketplace.
Successfully attracting a buyer for properties in this segment of the market is very much dependent on price. Potential buyers for luxury, high-end properties are perhaps the savviest of consumers. Obviously there is an abundance of resale inventory for them to choose from. If you are contemplating either selling or purchasing a high-end, luxury home in our area during 2014, please feel free to contact me for a candid, confidential and no obligation discussion about your needs or plans and put my expertise to work for you. Happy New Year!