August Market Report
Sales Activity:
In the Month of August 2023, there were a total of 149 residential unit sales reported in Lakelands West (The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach). The number of sold units decreased by -9% from the previous month (164 Unit Sales in July 2023) although an increase of +18.25% from the same time last year (126 unit sales in August 2022).
The reported decrease in “unit sales” throughout July and August, in comparison to the spring market, is comparable to annual trends pre-pandemic. It is also worth noting that August‘s “unit sales” and “sales volume” were very comparable to July’s in Wasaga Beach, Collingwood, and Blue Mountains. With a slight increase reported in Clearview Township (14 sales in July increased to 17 in August).
Inventory:
The number of new listings in August 2023 (413 new listings) for all of Lakelands West areas has increased by +29% in comparison to the same time last year in August 2022 (320 new listings). And month to month, the number of new listings had also increased by +6.44% from the previous month of July 2023 (388 new listings).
Due to increased inventory, and comparable unit sales numbers from July 2023 to August 2023, the average “months of inventory” increased in most municipalities. The current change in inventory is as follows:
- Wasaga Beach 3.9 (July) to 4.5 (August)
- Collingwood 4.9 (July) to 5.9 (August)
- Town of Blue Mountains 7.7 (July) to 8.8 (August)
Clearview’s ratio improved moving from 7.2 (July) down to 5.7 (August), although notably, almost all areas in Southern Georgian Bay concluded a decline in the “absorption rate” with a collective average of 16% entering September 2023. The highest average is in Wasaga Beach at 22% (54 Unit Sales in August 2023 vs. a total of 242 active listings). However, that means even in Wasaga Beach 78% of sellers did not successfully sell to a buyer in the month of August 2023. And an even greater number in the balance of municipalities (see attached absorption rate comparison on Page 6 of “AverageSalesPrice-August2023-
Value:
The average sale price year-to-date in August 2023 for all of Lakelands West was $860,592 for a residential residence (all residential). This value remains very comparable and on par with the previous months of July 2023 ($860,614) and June 2023 ($860,066). Values are “holding” at this time despite the absorption rate and “buyer’s market” conditions.
In comparison to previous years, the average year-to-date sales price in August 2023 ($860,592) is -13% below August 2022, however, the current average price remains +1.6% higher than August 2021, +35.7% higher than August 2020, and +76.5% higher than August 2018 (5 years ago).
Values have held the past few months, however, the average sale-to-list ratio has declined in most municipalities establishing a 3% to 4% difference based on buyer and seller negotiations. The latest “monthly” sale-to-list average rations are:
- Wasaga Beach 96.9%
- Collingwood 96.5%
- Town of Blue Mountains 96.1%
- Clearview 96.5%
The amount of negotiation is comparable from one municipality to another in South Georgian Bay at this time.
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_AUGUST-2023
