The mad competition for Long Point cottages, which saw many sell for more than asking price amid competing offers, is expected to continue due to a significant lack of availability.
As a result of the unprecedented low supply of properties offered for sale at Long Point, only seven sales have been reported on the local Multiple Listing Service (MLS®) year-to-date in comparison to fourteen sales during the same time only a year prior.
The decreasing number of listings combined with strong buyer demand have driven Long Point prices up by an incredible 52% compared to last year.
Continued high real estate prices in Ontario cities in the Golden Greater Horseshoe area and Southwestern Ontario have led to a large number of retirees and baby boomers nearing retirement to sell their homes and put their equity they received for the sale into the purchase of a recreational property. This has in turn contributed to price appreciation in Long Point and other vacation home communities.
If you’re thinking of selling your Long Point property and would like to talk about the current real estate market, we can be contacted at 519.586.7922 or stop by our office at 1019 Bay Street, Port Rowan. All of our contact information is also available on our website at www.LongPointBeach.com