“Sales of non-waterfront and waterfront properties fell from last year’s astronomical records, but still posted strong performance in March”
LAKELANDS REAL ESTATE AGENTS ASSOCIATION
Non-waterfront residential sales recorded through the MLS system for the Lakelands region (which includes Orillia) totaled 593 units in March 2022.
This is a sharp drop of 26.9% compared to the same period in 2021.
Non-waterfront residential sales were 9.6% above the five-year average and 18.6% above the 10-year average for the month of March.
Year-to-date, non-waterfront residential sales totaled 1,287 units in the first three months of the year, down 20.9% from the same period in 2021.
Sales of waterfront properties totaled 93 units in March 2022. This is a substantial drop of 55.3% from the same period in 2021.
Shoreline sales were 11.4% below the five-year average and 1% above the ten-year average for the month of March.
Year-to-date, shoreline sales totaled 220 units in the first three months of the year. This figure was notably down 44% compared to the same period in 2021.
“Sales of non-waterfront and waterfront properties were down from last year’s astronomical records, but still showed strong performance in March. Non-waterfront home activity fared slightly better, holding overall sales to the third-best March in history,” said Chuck Murney, president of the Lakelands Association of Realtors.
“For the housing markets of both house types, the missing ingredient is always new supply, which sees a more severe shortage for waterfront properties in between. We’ll have to wait and see how many new listings hit the market in the spring, but it will take a substantial influx to start bringing the market back to balanced territory and cool the strong double-digit price growth we’re seeing. now.”
The MLS Home Price Index (HPI) tracks price trends much more accurately than is possible using average or median price measures. The global MLS HPI composite benchmark price was $738,600 in March 2022, an increase of 26.1% from March 2021.
The benchmark single-family home price was $757,200, a healthy 26.1% year-over-year gain in March. By comparison, the benchmark price for townhouses/townhouses was $661,700, a significant gain of 36.3% over the previous year, while the benchmark price for apartments was $551,600, an increase of 31.1% over the previous year’s levels.
The median price for sales of non-waterfront residential properties in March 2022 was $800,000, up 22.3% from March 2021.
The fuller non-waterfront residential median price year-to-date was $820,000, a 26.2% gain from the first three months of 2021.
The median price for waterfront property sales in March 2022 was $1,157,000, a significant gain of 32.6% from March 2021.
The fullest year-to-date median price was $1,153,500, up 31.8% from the first three months of 2021.
The total dollar value of all non-waterfront residential sales in March 2022 was $541.9 million, down 10.2% from the same month in 2021.
The total dollar value of all shoreline sales in March 2022 was $119.9 million, a substantial drop of 47% from the same month in 2021.
The Lakelands Association of Realtors represents over 1,570 real estate agents. There are several major geographic areas within the association’s boundaries, including parts of Severn and Georgian Bay Townships, Wasaga Beach, Clearview Township, Collingwood, the Blue Mountains and parts of the Municipality of Meaford, Gray Highlands, as well as the towns of Midland. and Penetanguishene, the townships of Tay and Tiny, and Parry Sound, Muskoka, Haliburton, Orillia, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville and Lake of Bays.