Real Estate Market Report January 2024
January Market Report
Sales Activity:
In January 2024, there were a total of 89 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 +41% from the previous month (63 Unit Sales in December 2023) and up +12.7% from the number of sales this same time last year (79 unit sales in January 2023).
Last year in 2023, the first month (January with 79 unit sales) and the last month (December with 63 unit sales) had the lowest number of unit sales in the calendar year. Unit sales increased by +28% in February (101 unit sales), +30% in March (131 unit sales), and +26% in April (165 unit sales). Based on 2023 and historical seasonal averages, we expect to see a similar increase in unit sales in the first quarter of 2024 and as we enter the spring market of 2024.
Inventory:
The number of new listings in January 2024 (256 new listings) for all of Lakelands West areas was very comparable to this same time last year (254 new listings in January 2023). And month to month, the number of new listings increased by +44% from the previous month of December 2023 (178 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 24 unit sales in Wasaga Beach throughout
January 2024 and a total of 169 active listings at the end of the month entering this month. The current absorption rate for Wasaga Beach is approximately 14% indicating that the
market at large is still a “buyer’s
market” at this time. Approximately 86% of sellers unfortunately did not successfully complete a sale in the month of
January 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: 10%
Clearview: 24%
Collingwood: 10%
Georgian Bay Township: 19%
Grey Highlands: 10%
Meaford: 12%
Tiny Township: 8%
Wasaga Beach: 14%
Value:
The average sale price year-to-date in January 2024 for all of Lakelands West was $823,596 for a residential residence (all residential – The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach).
In comparison to previous years, the CREA report indicates that the average “year-to-date” sales price in January is down -5.3% from January 2023, down -26.6% from January 2022, comparable at 0.6% from January 2021, and up +45.2% from January 2020.
However, it is important to note that the average value is very difficult to accurately conclude in the first month of a calendar year. There are typically not enough unit sales to establish a true value in each marketplace. In January, the “monthly average” and the “year-to-date” are also the same value and it is really not until after the first quarter of each year that there is enough data included in the “year-to-date” statistics to review an accurate reflection of the current market changes. 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 December 2023 to January 2024:
- Wasaga Beach -0.22% – Very Comparable Value ($821,501 in December 2023 vs $819,729 in January 2024)
- Collingwood -1.44% – Decrease in Value ($954,066 in December 2023 vs $940,332 in January 2024)
- The Blue Mountains -2.35% – Decrease in Value ($1,576,066 in December 2023 vs $1,539,055 in January 2024)
- Clearview +0.19% – Very Comparable Value ($955,742 in December 2023 vs $957,588 in January 2024)
The latest
reports indicate that the “monthly” sale-to-list average ratio in the month of
January 2024 was as follows in each municipality:
Town of Blue Mountains: 94.0%
Clearview: 95.1%
Collingwood: 95.3%
Georgian Bay Township: 91.9%
Grey Highlands: 92.3%
Medford: 95.5%
Tiny Township: 92.8%
Wasaga Beach 95.1%
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!
