November Market Report
Sales Activity:
In the Month of November 2023, there were a total of 101 residential unit sales reported in Lakelands West (The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach). The number of sold units is down from the previous month (127 Unit Sales in October 2023) but very comparable to the number of sales this time last year (105 unit sales in November 2022).
In general, the larger municipalities in Southern Georgian Bay (Wasaga Beach and Collingwood) are completing a comparable number of unit sales to pre-pandemic years. In Wasaga Beach the number of residential sales year-to-date is down -29% compared to 2020 and up +1.5% compared to 2018. In Collingwood the number of residential sales year-to-date is up +1.6% compared to this time last year in 2022 and down approximately -9.3% compared to 2018.
However, municipalities such as Clearview had only recorded a total of five (5) residential sales in November 2023. This includes all of Stayner, Creemore, Nottawa and surrounding rural areas within the township. There were 87 active listings in Clearview at the end of the month which confirmed that 94% of sellers unfortunately did not complete a sale last month. And notably, The Blue Mountains reported a total of twelve (12) residential sales in November 2023. This includes Blue Mountain, Craigleth, Apline, the Peaks, Thornbury, Clarksburg, and surrounding rural areas within the township. There were 221 active listings in The Blue Mountains at the end of the month which confirmed that 95% of sellers unfortunately did not complete a sale last month. More on this topic below, see “absorption rates”.
Inventory:
The number of new listings in November 2023 (336 new listings) for all of Lakelands West areas has increased by +43% in comparison to the same time last year in November 2022 (235 new listings). And month to month, the number of new listings decreased by -22.4% from the previous month of October 2023 (433 new listings). This is expected as we enter the holiday season as inventory tends to be deduced in the winter months year-over-year.
Another important statistic to note 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 29 unit sales in Wasaga Beach throughout November 2023 and a total of 210 active listings at the end of the month entering December. 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. This also concludes that approximately 86% of sellers unfortunately did not successfully complete a sale in the month of November 2023.
Wasaga Beach, Collingwood, Grey County, and Georgian Bay Township currently have the highest absorption rates included in this review at 14-27% and the Blue Mountains at the low end with 5% throughout November 2023.
Included below is a list of current absorption rates for the local municipalities:
- The Blue Mountains: 5%
- Clearview: 6%
- Collingwood: 15%
- Georgian Bay Township: 27%
- Grey Highlands: 17%
- Meaford: 8%
- Tiny Township: 7%
- Wasaga Beach: 14%
Value:
The average sale price year-to-date in November 2023 for all of Lakelands West was $853,198 for a residential residence (all residential – The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach). This value has softened but remains comparable with the previous months of October 2023 ($857,947), September 2023 ($857,125), August 2023 ($860,592), July 2023 ($860,614) and June 2023 ($860,066). It is important to note that values are “holding” at this time despite the supply and demand (absorption rate) and what can be categorized as “buyer’s market” conditions. The difference in the average value from June 2023 to the end of November 2023 is approximately -$6,868 or a -0.8% decline (although comparable based on the ratio difference over a 6-month time period). Over the past 6 months, the average sale price in Southern Georgian Bay has decreased by approximately – $1,145 per month.
In comparison to previous years, the average year-to-date sales price in November 2023 ($853,198) is down -11.5% from November 2022 and down -1.4% from November 2021, however, the current average price remains +28.4% higher than November 2020, and +72% higher than November 2018 (5 years ago).
Values have held the past few months, although notably negotiations have taken place and the average sale-to-list ratio in most municipalities is currently a range of 4% to 10%. The latest reports indicate that the “monthly” sale-to-list average ratio in the month of November 2023 was:
- Town of Blue Mountains: 94.7%
- Clearview: 96.2%
- Collingwood: 95.8%
- Georgian Bay Township: 93.6%
- Grey Highlands: 95.3
- Medford: 90.2%
- Tiny Township: 93.1%
- Wasaga Beach 96.0%
Note this is the lowest sale-to-list average ratio Southern Georgian Bay has recorded in quite some time. This confirms negotiations have increased as a reflection of the reduced absorption rates in the area (supply & demand determining a buyer’s market).
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!
Please click the following link to view the entire Market Report for this month:REMAX_MarketReport_NOVEMBER-2023
