September Market Report
Sales Activity:
In the Month of September 2023, there were a total of 148 residential unit sales reported in Lakelands West (The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach). The number of sold units is on par (-0.67%) with the previous month (149 Unit Sales in August 2023) and an increase of +10.5% from the same time last year (134 unit sales in September 2022).
The number of reported unit sales in 2023 for Wasaga Beach is comparable to 2018 to 2019 (pre-pandemic levels). Whereas other municipalities are a little less than usual based on seasonal averages at the end of Q3 in each calendar year.
Inventory:
The number of new listings in September 2023 (515 new listings) for all of Lakelands West areas has increased by +20.6% in comparison to the same time last year in September 2022 (427 new listings). And month to month, the number of new listings had also increased by +24.7% from the previous month of August 2023 (413 new listings).
Due to increased inventory, and comparable or lower unit sales reported, the average “months of inventory” has increased in most municipalities. The current average for all of Lakelands West is 6.7 at the end of September 2023. Included below is a reference to each municipality:
- The Blue Mountains: 11.7
- Clearview: 5.6
- Collingwood: 5.6
- Grey Highlands: 26.7
- Meaford: 7.0
- Wasaga Beach: 4.7
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 as a percentage. For example, there was a total of 50 unit sales in Wasaga Beach throughout September 2023 and a total of 236 active listings at the end of the month. The current absorption rate for Wasaga Beach is approximately 21% indicating that the market at larger is still a “buyer’s market” at this time. This also can reference that approximately 79% of sellers unfortunately did not successfully complete a sale in the month of September 2023.
Included below is a list of current absorption rates for the local municipalities:
- The Blue Mountains: 9%
- Clearview: 18%
- Collingwood: 18%
- Georgian Bay Township: 4%
- Grey Highlands: 4%
- Meaford: 14%
- Tiny Township: 4%
- Wasaga Beach: 21%
Value:
The number of new listings in September 2023 (515 new listings) for all of Lakelands West areas has increased by +20.6% in comparison to the same time last year in September 2022 (427 new listings). And month to month, the number of new listings had also increased by +24.7% from the previous month of August 2023 (413 new listings).
Due to increased inventory, and comparable or lower unit sales reported, the average “months of inventory” has increased in most municipalities. The current average for all of Lakelands West is 6.7 at the end of September 2023. Included below is a reference to each municipality:
- The Blue Mountains: 11.7
- Clearview: 5.6
- Collingwood: 5.6
- Grey Highlands: 26.7
- Meaford: 7.0
- Wasaga Beach: 4.7
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 as a percentage. For example, there was a total of 50 unit sales in Wasaga Beach throughout September 2023 and a total of 236 active listings at the end of the month. The current absorption rate for Wasaga Beach is approximately 21% indicating that the market at larger is still a “buyer’s market” at this time. This also can reference that approximately 79% of sellers unfortunately did not successfully complete a sale in the month of September 2023.
Included below is a list of current absorption rates for the local municipalities:
- The Blue Mountains: 9%
- Clearview: 18%
- Collingwood: 18%
- Georgian Bay Township: 4%
- Grey Highlands: 4%
- Meaford: 14%
- Tiny Township: 4%
- Wasaga Beach: 21%
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_SEPTEMBER-2023
