Real Estate Market Snapshot – Q3 2023 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.

At the end of Q2 2023, we had about 5 months of inventory (at the current pace of sales, how long to sell out all listings) but, with inventory increases, by the end of Q3, we are up to 7 months of inventory.  The differences between the two quarters are an average of listings selling at 3.5% under their asking price, a slight decrease from the 3% under ask of Q2, a 15% increase in average days on the market (DOM), a 21% decrease in the number of property sales, but a 3% increase in the average sale price, apparently driven by sales of detached homes in the Blue Mountains.  So, while there seemed to be a slight increase in buyer activity in Q2, they weren’t in evidence in Q3 and our median sale value decreased from $813,750 to $801,500.  All categories suffered a loss in value except notably, as mentioned above, detached homes in The Blue Mountains, a reversal of its Q2 trend.  Before we get too excited, though, bear in mind the average value in early 2022 was over $2M, and the current average value is on par with July 2021.

HIGHS, LOWS & SPECIFICS (brackets show Q2 2023 values)

COLLINGWOOD:

Less sales than Q2, slower sales cycle, sales within 3% of asking price, detached home & condo values both down

• The high sale was a 3,575 SF waterfront home in west Collingwood for $3,500,000.
• The low sale was a 1200 SF townhome-condo near Home Depot for $370,000.
• 49 (60) condo sales; avg of 68 (49) DOM; avg sale-to-list price ratio of 97.2% (96.4%); avg sale price of $751,029 ($766,287), down approx 2%
• 75 (94) single-family home sales; avg DOM of 35 (24); avg sale-to-list price ratio of 97% (97.2%); avg sale price of $908,433 ($942,818), down approx. 3.6%

THE BLUE MOUNTAINS:

Less sales than Q2, slower sale times, sales at 3% to 4% under the asking price, condo values down, detached home values way up

• The high sale was a 5,800 SF 8 bdrm waterfront home with 126’ waterfrontage for $5,750,000.
• The low sale was a 409 SF studio hotel-condo in the Westin at Blue for $340,000.
• 27 (40) condo sales; avg of 52 (40) DOM; avg sale-to-list price ratio of 97.6% (98.1%); avg sale price of $646,407 ($722,990), down approx. 10%.
• 38 (43) single-family home sales; avg DOM of 50 (40); avg sale-to-list price ratio of 95.7% (96.1%); avg sale price of $1,632,711 ($1,338,163), up approx. 22%

CLEARVIEW:

Less sales than Q2, slower sale time, homes selling at 3.5% of asking price, values slightly down

• The high sale was a 126 year old estate home on 93 acres southeast of Duntroon for $3,000,000.
• The low sale was a 3 bed, 1 bath home in New Lowell for $485,000.
• 47 (61) single-family home sales; avg of 43 (36) DOM; avg sale-to-list price ratio of 96.6% (98%); avg sale price of $965,676 ($970,098), down 0.5%