October Market Report
Sales Activity:
In the Month of October 2023, there were a total of 127 residential unit sales reported in Lakelands West (The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach). The number of sold units is slightly down from the previous month (148 Unit Sales in September 2023) but very comparable to the number of sales this time last year (129 unit sales in October 2022).
In general, the larger municipalities in Southern Georgian Bay (Wasaga Beach, Collingwood, Stayner) are completing a comparable number of unit sales to prepandmic years. This is with the exception of The Blue Mountains and Tiny Township where the number of unit sales have been unfortunately slow this past month and the fall season.
Inventory:
The number of new listings in October 2023 (433 new listings) for all of Lakelands West areas has increased by +33% in comparison to the same time last year in October 2022 (326 new listings). And month to month, the number of new listings decreased by -16% from the previous month of September 2023 (515 new listings). This is typical of the fall market as inventory tends to be deduced in the winter months.
Another important statistic to note is the current “absorption rate” for each municipality. This calculates the number of reported unit sales in a month in comparison to the total number of active listings. For example, there was a total of 35 unit sales in Wasaga Beach throughout October 2023 and a total of 231 active listings at the end of the month. The current absorption rate for Wasaga Beach is approximately 15% indicating that the market at large is still a “buyer’s market” at this time. This also concludes that approximately 85% of sellers unfortunately did not successfully complete a sale in the month of October 2023.
Wasaga Beach and Collingwood currently have the highest absorption rates in the Georgian triangle at 15-18% and the Blue Mountains at a low of 7% throughout October 2023.
Included below is a list of current absorption rates for the local municipalities:
- The Blue Mountains: 7%
- Clearview: 13%
- Collingwood: 18%
- Georgian Bay Township: 12%
- Grey Highlands: 13%
- Meaford: 10%
- Tiny Township: 10%
- Wasaga Beach: 15%
Value:
The average sale price year-to-date in October 2023 for all of Lakelands West was $857,947 for a residential residence (all residential – The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach). This value remains very comparable and on par with the previous months of September 2023 ($857,125), August 2023 ($860,592), July 2023 ($860,614) and June 2023 ($860,066). It is important to note that values are “holding” at this time despite the supply and demand (absorption rate) and what can be categorized as “buyer’s market” conditions. The difference in the average value from June 2023 to the end of October 2023 is approximately -$2,119 or -0.25% (a small decline, but very comparable based on the ratio difference over a 5-month time period).
In comparison to previous years, the average year-to-date sales price in October 2023 ($857,947) is -11.0% below October 2022 and -0.3% below October 2021, however, the current average price remains +30.9% higher than October 2020, and +74.7% higher than October 2018 (5 years ago).
Values have held the past few months, although notably negotiations have taken place and the average sale-to-list ratio in most municipalities is currently a range of 3% to 5%. The latest reports indicate that the “monthly” sale-to-list average ratio in the month of October 2023 was:
- Town of Blue Mountains: 97.4%
- Clearview: 95.7%
- Collingwood: 97.5%
- Georgian Bay Township: 100.2% (very unusual in the current market)
- Grey Highlands: 96.1
- Medford: 95.6%
- Tiny Township: 94.5%
- Wasaga Beach 95.0%
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_OCTOBER-2023
