Sales down but prices are holding

 In News

While the number of home sales in the area is down sharply from a year ago, prices are holding steady thus far for non-waterfront properties. Data from the MLS system shows the number of sales of non-waterfront, residential properties in the Lakelands West region in July was 103 units, down 49 per cent from July 2021. The median price, meanwhile was up 6.6 per cent year over year to $750,000.

There were 7 sales of waterfront residential properties this July, flat to 2021 levels but the median price was off sharply from $1,800,000 in 2021 to $1,100,000 last month.

The Lakelands West region takes in Clearview, Collingwood, the Blue Mountains, Grey Highlands, Meaford and Wasaga Beach.

Chuck Murney, President Lakelands Association of Realtors says the number of sales of residential properties dropped to well below average levels in July. He says inventory levels are up from rock bottom which is a welcome change after the very limited selection over the past few years. The number of new listings being added is in line with new listings for the last few years but the rate of absorption has slowed. Murney adds that the growing divide between new supply and buyer demand suggests that sellers are lagging behind the market on pricing expectations. Prices have been moderating from peaks reached in the spring, in part due to buyer purchasing power being eroded.

Even as the market is pressured by inflation, higher interest rates and wavering consumer sentiment Murney says pent up demand for rural and recreational properties has kept our direction in the flat to 10 per cent growth range.

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