March Market Report
Sales Activity:
In March 2024, there were a total of 128 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 +7.56% from the previous month (119 Unit Sales in February 2024) and down -2.29% from the number of sales this same time last year (131 unit sales in March 2023).
Inventory:
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 31 unit sales in Wasaga Beach throughout March 2024 and a total of 231 active listings at the end of the month. The current absorption rate for Wasaga Beach is approximately 13% indicating that the market at large is still a “buyer’s market” at this time. Approximately 87% of sellers unfortunately did not complete a sale in the month of March 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: 12%
- Clearview: 14%
- Collingwood: 21%
- Georgian Bay Township: 16%
- Grey Highlands: 12%
- Meaford: 12%
- Tiny Township: 17%
- Wasaga Beach: 13%
Value:
In comparison to previous years, the CREA report indicates that the average “year-to-date” sales price in March is down -3.4% from March 2023, down -22% from March 2022, comparable at +1.1% in March 2021, and up +54.8% from March 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 March 2024:
Wasaga Beach -0.63% ($818,265 in February 2024 vs $813,086 in March 2024)
The latest reports indicate that the “monthly” sale-to-list average ratio in the month of March 2024 was as follows in each municipality:
- Town of Blue Mountains: 95.1%
- Clearview: 97.5%
- Collingwood: 96.7%
- Georgian Bay Township: 95.4%
- Grey Highlands: 93.1%
- Medford: 90.7%
- Tiny Township: 96.5%
- Wasaga Beach 97.9%
