February Market Report
Sales Activity:
In February 2024, there were a total of 119 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 +34% from the previous month (89 Unit Sales in January 2024) and up +18% from the number of sales this same time last year (101 unit sales in February 2023).
Inventory:
The number of new listings in February 2024 (310 new listings) for all of Lakelands West areas increased by +26% over this same time last year (246 new listings in February 2023). And month to month, the number of new listings increased by +21% from the previous month of January 2024 (256 new listings).
Another important statistic to review 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 25 unit sales in Wasaga Beach throughout February 2024 and a total of 116 active listings at the end of the month. The current absorption rate for Wasaga Beach is approximately 22% indicating that the market at large is still a “buyer’s market” at this time. Approximately 78% of sellers unfortunately did not successfully complete a sale in the month of February 2024. Realtor-to-Realtor contact and systems combined with professional marketing continue to be of the utmost importance for sellers in the current market.
Included below is a list of current absorption rates for each of the local municipalities:
- The Blue Mountains: 9%
- Clearview: 17%
- Collingwood: 27%
- Georgian Bay Township: 11%
- Grey Highlands: 12%
- Meaford: 9%
- Tiny Township: 12%
- Wasaga Beach: 22%
Value:
In comparison to previous years, the CREA report indicates that the average “year-to-date” sales price in February is down -14.1% from February 2023, down -29% from February 2022, comparable at -0.5% from February 2021, and up +47.4% from February 2020.
However, it is important to note that the average value is very difficult to accurately conclude in the first few months of a calendar year. There are typically not enough unit sales to establish a true value in each marketplace. Therefore RE/MAX By The Bay Brokerage additionally monitors the “12-month average sales price” in addition to the monthly and year-to-date, particularly in the first quarter of each year.
According to the 12-month average sale price figures, the average sales price recorded the following month-over-month change from January 2024 to February 2024:
Wasaga Beach -0.18% ($819,729 in January 2024 vs $818,265 in February 2024)
The latest reports indicate that the “monthly” sale-to-list average ratio in the month of February 2024 was as follows in each municipality:
- Town of Blue Mountains: 96.4%
- Clearview: 96.2%
- Collingwood: 96.0%
- Georgian Bay Township: 96.6%
- Grey Highlands: 98.3%
- Medford: 98.1%
- Tiny Township: 96.6%
- Wasaga Beach 98.0%
