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 and the southern Georgian Bay area was no different.
Southern Georgian Bay area MLS® sales in 2013 totaled $624.5 million up 9.3% from 2012 and this was the first time that our local MLS® sales volume exceeded the $600 million mark. A total of 2,099 individual sale transactions were reported through our local MLS® system, the highest in six years. 2007 was the last time that unit MLS® sales exceeded 2,000 units. MLS® single family home sales totaled 1,353 properties an increase of 3.7% while condominium unit sales of 374
reflected a 5.9% increase over the
number of condos sold in 2012.
Following the 2008 recession, area real estate sales have trended upwards overall with some local municipalities seeing a stronger demand than others. During 2013, the Municipalities of Clearview and Meaford reflected the most significant growth in single family residential sales activity with MLS® unit sales up 16.5% and 26.0% respectively. MLS® Sales of 336 homes in Collingwood reflected a slight change up 1.5% from 2012 when 331 sales were reported. MLS® Sales in the Blue Mountains increased 4.4% to 166 units while Wasaga Beach reported 434 MLS® sales in 2013 an increase of 2.6% over the prior year.
During 2013, we experienced both a reduction in the number of new MLS® listings that came to market as well as a reduction in the number of expired listings. New MLS® listing activity in 2013 totaled 6,363 properties, a decrease of 2.5% from the prior year. The number of expired listings dropped even further reflecting a decrease of 3.9%. What does this mean? With an increase in sales coupled with a reduction in both new and expired listings, we achieved a listing to sales ratio of 33% indicating a stable market that favours neither buyers or sellers.
In my next post I will freview sales across the various price ranges in order to give you an idea as to how your property would fair if it were listed for sale in the current market.
Happy New Year!