Friday, November 7, 2014

Area Real Estate Sales Continue at a Record Clip

As we head into the final two months of 2014, Southern Georgian Bay area real estate continues to reflect a strong demand among Buyers.  After a slow start to 2014 with first quarter MLS® dollar sales down 6%, the market has roared back with MLS® sales overall now running well ahead of last year.

  MLS® dollar volume in October of $63.1 million reflected a 2% increase over October 2013 with MLS® unit sales for the month up almost 5%.  MLS® sales year-to-date of $597.3 million reflects an increase of 8% over the first 10 months of 2013.  Virtually all area municipalities are showing a year-to-date increase in single family home sales with the Municipality of Meaford showing the greatest gain.  Year-to-date MLS® single family home unit sales in the Municipality of Meaford are up 14% followed by the Blue Mountains with a 10% increase.  Single family home sales in Clearview Township reflect a 7% gain over 2013 while Collingwood and Wasaga Beach are up 3% and 2% respectively.
Total MLS® dollar sales to the end of October are $597 million, up $46 million or 8% from 2013.  MLS® unit sales for the year are actually down from one year ago with 1,887 sales reported in 2014 versus 2,104 in the first ten months of 2013.  While unit sales are down, MLS® dollar volume continues to increase due to the higher number of upper end home and condo sales taking place in the area.  Year-to-date there have been 66 single family 
home and condo sales over $750,000 in the area compared to 47 last year, 
an increase of 40%  

  Area MLS® condominium sales have been very strong throughout 2014 with sales year-to-date of 381 individual units reflecting a 15% increase in sales over the first 10 months of 2013.  MLS® condominium sales in the Blue Mountains are up 24% with 125 units sold year-to-date compared to 101 sales in the same period last year.  Sales of MLS® listed condominiums in Collingwood of 224 units through the end of October reflects an 11% increase from one year ago.  Condominiums are increasingly becoming popular with area buyers looking to escape the maintenance tasks that are associated with single family home and chalet ownership and this is especially true with recreational buyers. Condominiums are also an affordable alternative for first time buyers with two bedroom, two bath units in Cranberry selling for significantly less than a modest post war bungalow in Collingwood with less square footage.

  In 2013, MLS® sales in the area exceeded $600 million for the first time coming in at just under $625 million for the year. It would appear that with two months remaining in 2014, we are destined to set a new record for MLS® dollar sales volume once again, a clear indication that demand for area properties is stronger than ever.

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