Real Estate Market Report January 2023
January Market Report
In the Month of January 2023, there was a total of 79 residential unit sales reported in Lakelands West (The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach).
Historically December, January, and February report the lowest number of unit sales in the calendar year. Following a decrease in market activity during the second half of 2022, the “slow time” is naturally a little extra slow this winter. The reported sales are well above the average sale price and even in a slow month, 79 sellers did successfully connect with the right buyer in January.
Inventory:The number of new listings in January 2023 (254 new listings) was +61.67% higher than in January 2022 (157 listings) in all of Lakelands West. This is also more than double the number of new listings reported the previous month in December 2022 (117 new listings).
The increase in reported new listings and the decrease in reported unit sales did not help increase the absorption rate to help find a much-needed balance in the marketplace right now. Wasaga Beach, Collingwood, The Blue Mountains, and Clearview all concluded a decline in the monthly absorption rate in January 2023 (number of unit sales VS number of ACTIVE listings). This means that only 16% of all sellers are successfully completing a sale per month at the moment.
Value:The average sale price in all of Lakelands West in January 2023 was $986,311 for a residential residence (all residential). This value is down -12.2% from January 2022, although an increase of +2.65% over the year-to-date average sale price of $960,823 as reported last month in December 2023.
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