At this time we are pleased to provide you with the RE/MAX Real Estate Market Report for the month of FEBRUARY 2023. The information herewith attached to this email is created using the data provided within The Lakelands Association of Realtors monthly report (ITSO) from CREA.
In the Month of February 2023, there was 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 -36.9% from last year (162 unit sales in February 2022), however, this is an increase of +22% from the previous month (79 Unit Sales in January 2023).
As mentioned last month, historically December, January, and February report the lowest number of unit sales in the calendar year. And following a decrease in market activity during the second half of 2022, the “slow time” is naturally a little extra slow this winter. Year to date the start of 2023 has reported fewer sales than the start of 2022, however, based on the monthly increase from January to February, we are confident March will be a productive month in the local real estate market.
The number of new listings in February 2023 (246 new listings) was +9.3% higher than in February 2022 (225 new listings) in all of Lakelands West. Although month to month, the number of new listings was down -8% from the previous month in January 2023 (254 new listings).
February’s decrease in the number of new listings (-8%) combined with an increase in the number of unit sales (+22%), has already created a noticeable difference in market activity. The current absorption rate for Lakelands West has increased to 19% entering March 2023. This ratio statistically still represents a “buyer’s market” although if it continues to increase we will eventually find some balance in the marketplace.
The average sale price year to date in all of Lakelands West in February 2023 was $934,499 for a residential residence (all residential). This value is down -16.5% from February 2022 ($1,119,165), and down -5.25% over the year-to-date average residential sale price last month in January 2023 ($986,311).
A closer review of the local townships surprisingly indicated that both Wasaga Beach and The Blue Mountains reported an increase in the month and year-to-date average residential sales price from January to February 2023. Although notably both were down slightly based on the 12-month average sales price when you include added past data. Collingwood and Clearview Township reported a decrease in the average sales price based on the month, year-to-date, and 12-month average sales price. With only 2 months into the new calendar year, it is difficult to use the month and year-to-date averages as they are based on a lower number of unit sales. The statistics are based on an average of “what has sold in that time period” as opposed to a true reflection of the overall market. Added time as we approach the end of the first quarter will help provide a more accurate reflection of 2023 year-to-date.