September Market Report
Sales Activity:
Sales Activity (unit sales) was up in September in most of the municipalities in Southern Georgian Bay. This is the first reported increase in the number of monthly sales since March for most of the local areas.
In particular, Wasaga Beach & Town of the Blue Mountains reported an increase in both “units sales” and the “average sales price” in September. The months of July and August are a record low year-to-date and hopefully September’s increase is an indication that buyers are slowly regaining consumer confidence and reentering the marketplace.
Inventory:
At the end of September, the number of homes sold in Southern Georgian Bay is currently down -36.4% from the same time period last year.
There were a total of 36 reported sales in Wasaga Beach in September 2022. At the end of the month there were a total of 198 active listings as we entered the month of October 2022. This translates to an absorption rate of 18% meaning that approximately only 18% of sellers are or will complete a sale at this time based on the previous month’s data. Ideally unit sales will increase and new inventory will soften in order for the market to find its way back to a balanced market in the future.
Value:
The average sales price in Southern Georgian Bay continues to soften in recent months, however, the year-to-date average sales price in September 2022 for all residential units still remains +14.5% higher than one year ago in September 2021.
In comparison to the “peak” of the market, the average sales price in Wasaga Beach is currently down -5.62% since March of 2022 (March $925,998 VS September $873,985). However, the month average from August to September did increase an impressive +10.3% which helped increase the year-to-date average from August to September by +0.09%.
Please see the attached reports and please reach out to the GO TO TEAM for further information, we are only a phone call or a text or email away.
