Sales of area real estate reported through the Georgian Triangle Real Estate Board's MLS® system in November posted a 48% gain versus November of last year. Sales for the month totaled $51.2 million as compared to $34.5 million in 2006 and $35.6 million in 2005.
Year-to-date sales for the first 11 months of the year now stand at $542 million, a 17% increase over the same period last year. These results reflect some of the strongest year-to-date sales results for MLS® listed property in the Georgian Triangle since 2004. Added to this are the significant number of sales for new homes and condominiums made directly by developers which are not included in these numbers, and you have a clear indication of the ongoing demand in our local market.
Unit sales are up 11% for the year which again surpasses what we have been experiencing in the last couple of years. As an example, year-to-date unit sales in November 2006 reflected a decrease of almost 8%. There continues to be a strong sales activity for properties at the upper end of the market with unit sales of properties valued over $500,000 up 18.5% year-to-date. Sales of area properties over the $1 million mark, a somewhat rare occurence not so long ago are now happening during 2007 at an average rate of 2 per month. After a somewhat slow start earlier in the year, area condominium sales have rebounded nicely with 326 units sold year-to-date versus 313 for the first 11 months of 2006.
The early arrival of winter has facilitated one of the earliest ski season openings at Blue Mountain in recent years and this will positively impact the sale of recreational properties in the area. As such sales in December should remain strong making 2007 the best year yet for MLS® sales of Georgian Triangle real estate. My year-end newsletters will feature a complete re-cap of sales and pricing results for the year, in the meantime, please feel free to contact me to discuss you specific real estate questions and or objectives.
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