Real Estate Review – 2023 Year in Review
In the interest of brevity, my focus for this report will be the three key trading areas and home types with which I have the most expertise: sales of residential condominiums and detached homes in The Blue Mountains, Collingwood and Clearview. I also serve Wasaga Beach and Meaford and would be pleased to provide an analysis for those areas for you upon request.
The trend from 2022 of fewer sales and more days on market for the properties that did sell has continued. There were a total of 874 sales, the months of highest inventory were May through November with each month offering from 287 to 571 active listings. Meanwhile, the only month to exceed 100 sales was May with 110 sales. The months with the most number of sales were April through September. If no new listings entered the market, it would take about 5 months for all inventory to sell in the first half of the year, rising to over 8 months in the 2nd half. In actuality the average number of days on market for a property to sell was 43 and at 96.7% of its asking price. The average sale price fell about 4.5% from 2022’s $980,617 to $936,297. 2023 was most definitely a Buyers’ market.
HIGHS, LOWS & SPECIFICS (brackets show 2022 values)
COLLINGWOOD:
Fewer sales, longer sale times, detached homes down about 13%, condos slightly up about 2.8%.
• The high sale was a 3,575 SF home with 89’ waterfrontage on Princton Shores in August for $3,500,000.
• The low sale was a 407 SF apartment on Ontario St. in April for $265,000.
• 168 (192) condo sales; avg of 49 (25) days on market (DOM), avg sale-to-list- price ratio of 96.8% (99.1%); avg sale price of $735,073 ($715,591).
• 293 (298) single-family home sales; avg DOM of 34 (23); avg sale-to-list-price ratio of 96.7% (98.9%); avg sale price of $898,232 ($1,031,870).
THE BLUE MOUNTAINS:
Fewer sales, longer sale times, detached homes down about 16%, condos down about 12%.
• The high sale was a 5,800 SF home with 126’ waterfrontage on Cameron in September for $5,750,000.
• The low sales were 7 studio condo units in the hotels at The Village at Blue, selling from $205-$285,000.
• 114 (170) condo sales; avg of 47 (33) DOM; avg sale-to-list price ratio of 97.5% (99.1%); avg sale price of $640,398 ($732,500).
• 139 (183) single-family home sales; avg DOM of 50 (32); avg sale-to-list-price ratio of 95.4% (97.6%); avg sale price of $1,497,957 ($1,789,472).
CLEARVIEW:
Fewer sales, longer sale times, home values down about 11%.
• The high sale was a 99+ acre farm near Stayner, developable, in January for $9M.
• The low sale was an 1,181 SF home in Avening in November for $295,000.
• 156 (183) single-family home sales; avg of 42 (31) DOM; avg sale-to-list-price ratio of 97.2% (97.6%); avg sale price of $949,025 ($1,074,264).
