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Real Estate Market Snapshot – Q2 2023 in Review

In the interest of brevity, our focus for this report will be the three key trading areas and home types with which we have the most expertise: sales of residential condominiums and detached homes in The Blue Mountains, Collingwood and Clearview.  We also serve Wasaga Beach and Meaford and would be pleased to provide an analysis for those areas for you upon request.

At the end of Q1 2023, we had about 5 months of inventory (at the current pace of sales, how long to sell out all listings) and in both April & May, that dropped to 4 months but, with inventory increases, reverted back to 5 months in June.  The difference between the two quarters is an average of listings selling at 3% under their asking price, an improvement from the 4% under ask of Q1 and probably a result of Sellers lowering their asking prices, a 30% decrease in average days on market (DOM), a 69% increase in the number of property sales, and a 7% increase in average sale price.  So, while far below the number of buyers for our area in 2021-22, some buyers did return in Q2 and increased the median sale value from $743,000 to $811,250, and the only category to continue at a loss is detached homes in The Blue Mountains.

HIGHS, LOWS & SPECIFICS (brackets show Q1 2023 values)

COLLINGWOOD:

Many more sales than Q1, faster sales cycle, detached home & condo values both up

  • The high sale was a 3,300 SF Shipyards waterfront townhome for $2,700,000.
  • The low sale was a 407 SF studio apartment-condo near The Legion for $265,000.
  • 60 (23) condo sales; avg of 49 (50) DOM; avg sale-to-list price ratio of 96.4% (96.9%); avg sale price of $766,287 ($735,187), up 4%
  • 94 (56) single-family home sales; avg DOM of 24 (48); avg sale-to-list price ratio of 97.2% (95.1%); avg sale price of $942,818 ($847,130), up 11%.

 

THE BLUE MOUNTAINS:

A few more sales than Q1, slightly faster sale times, condo values way up, detached home values way down

  • The high sale was a 5,500 SF 7 year old custom home in Lora Bay for $2,925,000.
  • The low sale was a 467 SF studio hotel-condo in Seasons at Blue for $250,000.
  • 40 (31) condo sales; avg of 40 (50) DOM; avg sale-to-list price ratio of 98.1% (95.3%); avg sale price of $722,990 ($518,161), up 39%.
  • 43 (31) single-family home sales; avg DOM of 40 (51); avg sale-to-list price ratio of 96.1% (95.2%); avg sale price of $1,338,163 ($1,725,419), down 22%.

 

CLEARVIEW:

Many more sales than Q1, faster sale time, home values up

  • The high sale was a new home over 8,800 SF on 12+ acres just east of Nottawa for $5,250,000.
  • The low sale was a small 2 bed, 1 bath bungalow in Stayner for $350,000.
  • 61 (27) single-family home sales; avg of 36 (45) DOM; avg sale-to-list price ratio of 98% (98.5%); avg sale price of $970,098 ($906,596), up 7%.

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