With less than two months remaining in 2014, Southern Georgian Bay area real estate is poised for another record year in terms of total MLS® sales activity.
MLS® sales through the first ten months of 2014 total $597 million, an increase of 8% over the first 10 months of 2013. Total MLS® sales volume for all of 2013 totaled just under $625 million, this was the first time MLS® sales had past the $600 million mark and we appeared destined to surpass that amount for 2014.
To a large degree, the sale of luxury, high-end properties continues to have an impact on total dollar sales in the area as the increase in MLS® dollar volume typically outpaces the annual increase in the number of properties sold. Year-to-date through the end of October we have seen 82 MLS® sales above $700,000. As per the accompanying chart, MLS® sales above $1.5 million are running dead even with 2013 with nine sales reported. Where we are seeing a significant increase in activity is in the $800,000 to $1 million price range. Year-to-date there have been 32 sales in this price range, double the number from one year ago. MLS® sales between $1 and $1.5 million have also continued to perform very well with 18 sales year-to-date reflecting a 38% increase over the same period last year.
The trend among luxury home Buyers leans towards buying smaller in terms of the size of the dwelling but it must have the best of everything including, finishes, technology and energy efficiency. This chart would seem to reflect this given the level of sales activity we are seeing in smaller well appointed properties in and around the $1 million mark.
In my next post I will summarize luxury home sales and listing activity in the various municipalities around our area.