March Market Report
Sales Activity:
In the Month of March 2023, there were a total of 131 residential unit sales reported in Lakelands West (The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach). The number of sold units increased by +29.7% from the previous month (101 Unit Sales in February 2023)
The number of reported unit sales in March for Wasaga Beach and the Town of the Blue Mountains was very comparable to 2019 and 2020 (pre-pandemic). Whereas Collingwood and Clearview Township were lower than usual based on seasonal averages.
Inventory:
The number of new listings in March 2023 (349 new listings) was exactly the same (0% difference) in comparison to March 2022 (349 new listings) in all of Lakelands West areas. And month to month, the number of new listings increased by +42% with 349 new listings in March 2023 compared to 246 new listings in February 2023.
For most local municipalities, the number of “unit sales” and “new listings” balanced well in March when compared to previous months over the past year. This helped improve the current absorption rate a little from 19% to 20% in Lakelands West as we enter April 2023. There was a noticeable difference in Wasaga Beach increasing from 13% in February to 27% in March. The average ratio statistically still represents a “buyer’s market” although if it continues to increase the market will eventually find balance in the local marketplace.
Value:
The average sale price year to date in March 2023 for all of Lakelands West was $870,899 for a residential residence (all residential). This value is down -12.9% from March 2022 ($1,000,217), and down -6.8% over the year-to-date average residential sale price last month in February 2023 ($934,499). Confirming February to March reported the area was still in a changing market. In comparison to previous years, the average sales price in March 2023 ($870,899) remains +4.9% higher than only two (2) years in March 2021 ($830,432).
