Real Estate Market Snapshot-Q1 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 Q4 2022, we had about 6 months of inventory (at the current pace of sales, how long to sell out all listings) and by the end of Q1 2023, that has only dropped to 5 months.  The differences between the two quarters are mostly quite static with one big exception: sales to list ratio hovering at about 96%, an average of 48 days on market (DOM) and a number of property sales (only 16 less sales in Q1) BUT the overall average sale price has plummeted by 11%.  What does it mean? – It means that the buyers are not yet back in the anticipated numbers and, with some notable exceptions, those that are buying are able to negotiate prices well below what sold in Q4.

HIGHS, LOWS & SPECIFICS (brackets show Q4 2022 values)

COLLINGWOOD:

Less sales than in Q4, sale times static, detached home values down about 10%, and condos holding at about +1%.

• The high sale was a 4700 SF fully renovated older home on Third St. for $2,940,000.
• The low sale was a 2 bdrm, 2 bath 780 SF condo in Living Stone (Cranberry) for $$365,000.
• 23 (28) condo sales; avg of 50 (49) DOM; avg sale-to-list price ratio of 96.9% (97.4%); avg sale price of $735,187 ($726,836), up 1.2%
• 56 (59) single-family home sales; avg DOM of 48 (45); avg sale-to-list price ratio of 95.1% (96.8%); avg sale price of $847,130 ($949,700), down 10.7%.

THE BLUE MOUNTAINS:

A few more sales than in Q4, sale times static, detached home values up about 7%, and condos down about 9%.

• The high sale was a 4200 SF new ski in/out Blue Mtn chalet for $5,400,000.
• The low sale was a 467 SF studio condo in the Grand Georgian for $205,000.
• 31 (16) condo sales; avg of 50 (52) DOM; avg sale-to-list price ratio of 95.3% (95.1%); avg sale price of $518,161 ($570,025), down 9%.
• 31 (40) single-family home sales; avg DOM of 51 (50); avg sale-to-list price ratio of 95.2% (93.8%); avg sale price of $1,725,419 ($1,607,150), up 7%.

CLEARVIEW:

More sales than in Q4, faster sale time, and home values down about 15%.

• The high sale was a 7000 SF new home in Windrose Estate for $3,739,000.
• The low sale was a small 1 bed, 1 bath home in Nottawa for $350,500.
• 27 (43) single-family home sales; avg of 45 (55) DOM; avg sale-to-list price ratio of 98.5% (94.9%); avg sale price of $906,596 ($1,076,070), down 15.8%.