Monday, January 19, 2015

Area MLS® Real Estate Sales Exceed $700 Million in 2014!

Another record year was recorded for area real estate sales in 2014 with total MLS® sales as reported by the Southern Georgian Bay Association of REALTORS® (SGBAR) topping $705 Million.  This marks a new benchmark high for annual MLS® sales volume and represents a 12% increase over 2013.

  Following the cold snowy weather of last winter, MLS® dollar sales at the end of the first quarter were down 6% while individual MLS® unit sales were 13% below the prior year.  As is often the case, slow sales activity in the first quarter of 2014 appeared to have created a pent-up demand as sales activity rebounded very strongly commencing in April.  This trend continued on into late spring and summer with MLS® sales in June 2014 exceeding $78 million, the
 highest level ever achieved in a one month period.
  Unit MLS® sales for 2014 were up 5% compared to 12% for dollar volume stemming from the fact that sales of higher priced properties were very robust throughout the year.  Sales from $300K to $500K were up 16% while sales in the $500K to $800 range posted a 13% gain over the prior year.  Sales between $800K and $1 million almost doubled from the prior year, with 47 sales reported in 2014 compared to 24 in 2013, an increase of 96%.  Lastly, sales above $1 million totaled 40 properties versus 34 in the prior year, a gain of 18%.

During the year we continued to see the market move into a balanced state stemming from the fact that new MLS® listings of 5,986 properties marked a reduction of 5% over 2013.  Expired listings also dropped with 2,734 expired MLS® listings in 2014 compared to 3,076 in 2013, a decrease of 11%.  Fewer new listings combined with increased sales resulted in less available MLS® inventory across the board thus leveling the playing field for sellers and buyers alike.  

  During 2014 we saw a very strong demand for area condominiums.  MLS® condominium sales in 2014 totaled 443 units, an increase of 18% over the 374 MLS® condominium sales reported in 2013.  Single family home sales for 2014 were up a more modest 6%  while the sale of vacant lots/land was actually below that of 2013 with 144 sales in 2014 compared to 154 the prior year.

 As we head into 2015, conditions point to another strong year in terms of the demand for area real estate.  For the most part there is a good selection of available inventory.  Prices and interest rates appeared poised to remain stable and with another great ski and snowboard season now underway, visitors are flocking to the area often resulting in their decision to make a property investment in the area.

 For a look at the luxury, high-end property market activity in 2014, see my Southern Georgian Bay Carriage Trade Homes blog.


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