Office: 705-429-5500 – Ron Ext. 409 – Jane Ext. 426

Ron Puccini and Jane Puccini

Ron Puccini

Sales Representative
ron@gototeam.ca
705-441-5598

Jane Puccini

Sales Representative
jane@gototeam.ca
705-441-4750

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Real Estate Market Report May 2023

May Market Report

Sales Activity:

In the Month of May 2023, there were a total of 214 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 +30% from the previous month (165 Unit Sales in April 2023) and is up +20% from May 2022 last year (179 unit sales in May 2022). This was the first month in 2023 that the number of unit sales surpassed the same month in the previous calendar year.

The highest number of unit sales was in Wasaga Beach with a reported 80 sales in May 2023. This represented a +57% increase from April (51 unit sales in April 2023) and a 74% increase over May 2022 last year (46 unit sales in May 2022).

Year-to-Date the number of unit sales in Lakelands West is down -23% (895 in 2022 vs 688 in 2023 as of the end of May). This is primarily a reflection of the first quarter of 2023 with low unit sales reported in January, February, and March. The market noticeably increased in April and May 2023 with the month of May outperforming the previous year.

 

Inventory:

The number of new listings in May 2023 (508 new listings) was up in Lakeland’s West areas in comparison to May 2022 (+8.5%). And month to month, the number of new listings increased by +30% from April to May 2023 (392 in April vs 508 in May).

The number of monthly “unit sales” and the total number of “active listings” has slowly been improving the absorption rate for most municipalities in Southern Georgian Bay this spring. The current average for the local areas at the end of May 2023 was 23.57%. Once again, Wasaga Beach showed the largest improvement with an absorption rate of 38% entering June 2023. This is the highest rate and most balanced market Wasaga Beach has concluded since April 2021 when the Bank of Canada started to increase interest rates.

Value:

The average sale price year-to-date in May 2023 for all of Lakelands West was $846,109 for a residential residence (all residential). The average price has decreased by -1% from the previous month ($854,281 in April 2023). The decrease was a reflection of correcting values in the Town of the Blue Mountains and Clearview, with price increases being confirmed in Wasaga Beach (+1.28%) and Collingwood (+4%) based on the year-to-date average sales price in May 2023.
According to LAR’s May Market Report, comparatively, the average value is:
Down -18.6% from May 2022
Up +0.9% from May 2021
Up +45.4% from May 2020
Up +74.1% from May 2018
Up +128.4% from May 2016
Up +180.5% from May 2013 (Ten Years Ago)
We are additionally pleased to report that there is enough information in the 2023 year-to-date data now after five (5) months that the numbers are starting to align with the 12-month averages based on a long-term review. As we approach the end of the second quarter, the year-to-date statistics will be a fair analysis of the current state of the market and its respective change(s).
Attached to this update you will find a detailed report providing the average monthly, year-to-date, and 12-month average sales price for a number of the local areas.
Your GO TO Team remains available to provide additional information and to meet all your real estate needs. Please call, text or email us today!
Please click the following link to view the entire Market Report for this month: REMAX_MarketReport_MAY-2023

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