‘Demand is outpacing supply … as evidenced by the surge in median price for waterfront properties, which was back up above $1 million in May,’ said realtor’s association president
Local realtors have reported an increase in home sales for non-waterfront properties, but the increase is described as “moderate.”
The Lakelands Association of Realtors published an assessment of sales data for May, and noted a 6.1 increase in the number of non-waterfront homes sold (524 homes) in May 2023 compared to May 2022.
It is the first year-over-year increase for non-waterfront home sales recorded in the region for the past two years, said Matthew Lidbetter, president of the Lakelands Association of Realtors, in a news release.
Lakelands represents realtors from Meaford, The Blue Mountains and Grey Highlands, Simcoe County, Muskoka District, and Parry Sound area.
According to stats compiled by Lakelands from MLS, there have been 1,795 non-waterfront homes sold in the Lakelands region between January and May, which is down about 22 per cent compared to the first five months of 2022.
The total value of home sales for May 2023 in Lakelands was $400.9 million, which is about 4.3 per cent lower than May 2022.
In Lakelands west, which includes The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford and Wasaga Beach, the median price of a non-waterfront home in May 2023 was $729,000, which is down by 12 per cent compared to $830,000 in May 2022.
Waterfront sales are down across the region with 149 homes sold in May 2023, which is one sale more than n May 2022. Year-to-date, waterfront sales are about 23 per cent lower this year than last. Those 149 homes combined for a total value of $218.4 million, which is about 3.2 per cent higher than the value of sales in May 2022.
“We may have to wait until warmer weather for the waterfront segment to heat up, although demand is outpacing supply in that area as evidenced by the surge in median price for waterfront properties, which was back up above $1 million in May,” said Lidbetter in the news release.
There were 15 waterfront properties sold in the western part of Lakelands, and the median price was $1.12 million, the highest of all the Lakeland regions.
The home price index from MLS indicates a benchmark price for a single-family home in the Lakelands region at $743,600. By comparison, the benchmark price for townhouse/row units was $572,100, while the benchmark apartment price was $468,200. All of the benchmark prices have decreased by about 10-13 per cent compared to 2022.