Market Stats February 2023

Update on the current real estate market conditions in Southern Georgian Bay – more specifically Lakelands West. This area covers the following towns; Clearview, Collingwood, Grey Highlands, The Blue Mountains, Meaford and Wasaga Beach.

Overall the real estate market continues to be down from the peak of Q1 2022. Both the number of sales and sales prices are down however we are seeing a good increase in inventory which will likely translate into a larger number of sales in the coming months.

Here are the key highlights for February 2023:

• The average selling price for a home in our area decreased by 17.1% compared to the same period last year, with an average sale price of $934,499
• The number of homes sold in Feb 2023 decreased by 39.9% compared to the same period last year, with a total of 179 homes sold.
• The months of inventory is up to 5.8% an increase of 1.0% over this time last year.
• The number of new listings increased by 30.9% compared to the same period last year for a total of 500 new listings.

Please follow this link for a video of more in-depth information for each town.

While these numbers are down from the peak of 2022, we are starting to see some signs of recovery in 2023. The market slowdown in 2022 was due to a number of factors. The war in Ukraine, uncertainty in the market, inflation and the record 7 interest rate hikes by the Federal Government. Moving forward, will we see prices rise back up to the peak of Jan/Feb 2022? I think this is highly unlikely as the market was on the rise for almost 2 years. While we can’t predict the future market, the expectation is for a levelling off to a more balanced market going forward. As we are now into mid-March, we are already starting to see increased inventory which will likely lead to an increase in sales volume moving forward through the springtime.

As always, if you are thinking of buying or selling or would like more information about your home’s value, please don’t hesitate to contact me.