July Market Report
Sales Activity and Sales Volume have both continued to decline each month in Southern Georgian Bay since March of 2022. The month of July reported the lowest number of sales year-to-date at a total of 110 units. This number represents exactly half of the 220 unit sales reported last year in July of 2021 within Southern Georgian Bay.
While the number of reported unit sales decline, the listing inventory has increased to finally provide active buyers with options in the marketplace. On average, buyers now have more selection and a greater ability to negotiate applicable conditions to safeguard their purchase.
Reduced sales activity this spring can largely be credited to the government raising interest rates for mortgages and the media forecasting a recession in the marketplace. These factors continue to contribute to an increase in the average days on market and a declining sale-to-list ratio.
Value:The average sales price in Wasaga Beach, Collingwood, Town of the Blue Mountains, and Clearview has started to soften in June and July based on the reported monthly and year-to-date average sales prices.
The monthly average price, although a current reflection of the market, is based on a fewer number of reported sales and can often fluctuate from month to month.
Based on the monthly report, the average sales price in Wasaga Beach was down by -11.01%, in Collingwood an increase of +6.05%, in the Town of Blue Mountains down by -11.1%, and in Clearview down by -46.01%. However once again, the monthly average is based on fewer sales and market analysts typically focus on the year-to-date and 12-month average sales price in an effort to more accurately gauge the market over a longer period of time (greater number of sales in the data).
The year-to-date average sales price is showing that values are softening at this time, although the 12-month average sales price is holding based on a longer period of time and a greater number of sales used in the calculation. The year-to-date data estimates that value in the local municipalities had softened by approximately -1.02% to -3.43%. Whereas the 12-month average sales price estimates value is simply holding with a difference of -1.49% to +0.18%. Nonetheless, the data confirms that the market is not seeing the rapid price increases the local area had witnessed earlier in 2022 and in recent years.
Please contact your Southern Georgian Bay GO TO TEAM for further information.