Despite the fact that the arrival of COVID 19 significantly impacted real estate activity starting back in March, high end home and condo sales continue to represent a significant growth aspect of the Southern Georgian Bay real estate market. For statistical purposes, we consider properties priced from $1 million and up to represent the luxury market segment in our area.
Sales of luxury homes priced over $1 million in our market remain strong and have started 2020 well ahead of the start of 2019. Sales to the end of the 2nd Quarter of 2020 total 76 properties an increase of 41% over 54 MLS® sales during the same time in 2019.
The value of these MLS® sales totalled $116.3 million, a 47% increase over the $34.5 Million sold during the first six months of last year
Sales of luxury homes in the $1 to $2 Million price ranges are particularly strong between $1 to $1.5 Million and total 46 units up 28% from one year ago while sales between $1.5 to $2 Million have posted a 83% gained with 22 properties sold in the first six months of 2020 compared to 12 sales in the same period last year.
Sales of properties priced between $2 to $2.5 Million are identical to last year with 3 MLS® sales in both 2019 and 2020. To the end of June there have been 5 MLS® sales over the $2.5 Million threshold whereas in 2019 there were 3.
Currently there are 167 properties listed for sale over $1 Million on the MLS® System of the Southern Georgian Bay Association of REALTORS®. In total this equals 13 months of inventory however this number is not universal across all price segments.
From $1 to $2 million there is just under 1 year of available inventory listed for sale. Between $2 to $2.5 million there is 38 months (over 3 years) of homes listed for sale while above $2.5 million MLS® listed inventory for sale is 22 to 23 months or just under 2 years.
The municipality of the Blue Mountains is where the bulk of sales over $1 million take place, roughly 48% year-to-date. Many buyers in this price range are seeking full or part time homes close to the area’s private ski and golf clubs or on the water. This includes locations such as Nipissing Ridge near Craigleith and Alpine Ski Clubs, Thornbury and Lora Bay. Collingwood is the second most sought after location with approximately 20% of the area’s sales over $1 million. Please see the accompanying graphs below for additional information on luxury home and condominium sales in the various municipalities around the Southern Georgian Bay area.
As a “Market Value Appraiser” I can say with authority that pricing your property accurately is key when competing for a willing luxury home Buyer in these market conditions. While the sales of higher priced properties remain strong right now, there is also a great selection of available inventory for Buyers to choose from.
Have a great and safe summer…..