Lakelands Association Of REALTORS MLS Home Sales Remain Subdued As New Listings Surge In October

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totalled 307 units in October 2023. This was a large decline of 16.3% from the same period in 2022.

Residential non-waterfront sales were 40.6% below the five-year average and 40.6% below the 10-year average for the month of October.

On a year-to-date basis, residential non-waterfront sales totaled 3,738 units over the first 10 months of the year. This decreased by 8.2% from the same period in 2022.

Sales of waterfront properties numbered 105 units in October 2023. This was a sizable gain of 15.4% (14 sales) from the same period in 2022.

Waterfront sales were 29.1% below the five-year average and 30.6% below the 10-year average for the month of October.

On a year-to-date basis, waterfront sales totaled 1,019 units over the first 10 months of the year. This decreased by 4.6% from the same period in 2022.

“A diverging trend is beginning to emerge in our market, with sales activity continuing to fall for non-waterfront residential properties but now improving for waterfront homes,” said Matthew Lidbetter, President of the Lakelands Association of REALTORS®. “In both cases new listings are surging to historical levels and overall inventories have climbed to just above their averages. However, in the case of waterfront homes it seems as though early signs of a recovery, or at the very least a moderation in decline, are starting to show. It will be difficult to discern meaningful trends on this segment of the market as we head into the colder months so it’s something we’ll be keeping an eye on once we get into early spring.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $707,300 in October 2023, falling by 1.2% compared to October 2022.

The benchmark price for single-family homes was $737,200, down only 0.4% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $574,400, down sharply by 11.5% compared to a year earlier, while the benchmark apartment price was $453,500, a minor decrease of 2.5% from year-ago levels.

The median price for residential non-waterfront property sales in October 2023 was $675,000, a modest gain of 2.3% from October 2022.

The more comprehensive year-to-date residential non-waterfront median price was $680,000, down by 6.2% from the first 10 months of 2022.

The median price for waterfront property sales in October 2023 was $933,000, a gain of 9.9% from October 2022.

The more comprehensive year-to-date waterfront median price was $950,000, down by 5.7% from the first 10 months of 2022.

The total dollar value of all residential non-waterfront sales in October 2023 was $226.4 million, a substantial decrease of 16.3% from the same month in 2022.

The total dollar value of all waterfront sales in October 2023 was $139.8 million, a jump of 31.4% from the same month in 2022.

Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach
Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Springwater, Tay, Tiny
Lakelands North: Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes, Parry Sound, Severn