By Bonnie Looby, President, The Lakelands Association of REALTORS®
Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 351 units in August 2024. This was down sharply by 15.4% from the same period in 2023.
Residential non-waterfront sales were 32.5% below the five-year average and 35.6% below the 10-year average for the month of August.
On a year-to-date basis, residential non-waterfront sales totaled 2,836 units over the first eight months of the year. This was a decrease of 8.2% from the same period in 2023.
Sales of waterfront properties numbered 121 units in August 2024. This was down sharply by 14.2% from the same period in 2023.
Waterfront sales were 38.3% below the five-year average and 44.5% below the 10-year average for the month of August.
On a year-to-date basis, waterfront sales totaled 767 units over the first eight months of the year. This was a minor decrease of 1.4% (11 sales) from the same period in 2023.
“Sales of both waterfront and non-waterfront homes came in at subdued levels in August, reaching their lowest levels for this month since before the millennium,” said Bonnie Looby, President of the Lakelands Association of REALTORS®. “Home of both types are generally taking longer to sell and prices are overall still on the decline. With new listings near all-time records for this time of year and overall supply still at elevated levels, it appears that buyers and sellers are still having a hard time aligning on pricing expectations.”
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 $711,400 in August 2024, a modest decline of 2.4% compared to August 2023.
The benchmark price for single-family homes was $742,000, down modestly by 2.1% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $558,300, a decrease of 4.7% compared to a year earlier, while the benchmark apartment price was $464,100, a moderate decrease of 6.7% from year-ago levels.
The median price for residential non-waterfront property sales in August 2024 was $640,000, a moderate decrease of 6.6% from August 2023.
The more comprehensive year-to-date residential non-waterfront median price was $663,000, decreasing by 3.2% from the first eight months of 2023.
The median price for waterfront property sales in August 2024 was $770,000, a large decline of 17.2% from August 2023.
The more comprehensive year-to-date waterfront median price was $920,000, decreasing by 3.2% from the first eight months of 2023.
The total dollar value of all residential non-waterfront sales in August 2024 was $258.1 million, a sharp decrease of 16.1% from the same month in 2023.
The total dollar value of all waterfront sales in August 2024 was $130.4 million, down sharply by 25.8% from the same month in 2023.
The Lakelands Association of REALTORS® represents more than 1,550 REALTORS®. There are several major geographical areas within the Association’s boundaries, including parts of Severn and Georgian Bay Townships; Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, and portions of the Municipality of Meaford, Grey Highlands. As well as Towns of Midland and Penetanguishene, the Townships of Tay, and Tiny. In the heart of Canada’s Cottage Country; Parry Sound, Muskoka, Haliburton, Orillia, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, and Lake of Bays. Most within our geographical area are located less than a two-hour drive north of Toronto. Each offering a unique blend of properties ranging from residential homes to smaller towns and the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes that range from the smaller entry-level properties to the prestigious.
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