September data shows home sales fell 30% in the area

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Average sale prices hold steady, but fewer homes are selling, Lakelands Association of Realtors says

Home sales in Simcoe County and the Muskoka area are below the five- and 10-year averages and are down more than 30% year over year.

According to the latest release from the Lakelands Association of Realtors, which covers territory from Meaford to Orillia and Midland and north to Muskoka and Parry Sound, there were 3,755 non-waterfront homes and 998 waterfront properties sold in the area between January and September, which is a decrease of 34.4% and 46.3% respectively compared to 2021.

Based on September sales alone — 358 non-waterfront units and 114 waterfront units — the number of homes sold last month compared to September 2021 was down 34% for non-waterfront units and 45% for waterfront units.

Lakelands Chairman Chuck Murney said potential interest rate increases had made buyers cautious.

“As in recent months, sales of waterfront and non-waterfront residential properties remained well below average levels for this time of year as past and future interest rate hikes continue to weigh on sentiment. buyers,” Murney said in a press release.

He noted that the sale prices of waterfront and non-waterfront homes are not experiencing the same decline and are holding up.

The dollar value of non-waterfront home sales in September 2022 across the Lakelands region totaled $259.5 million. For waterfront properties, the dollar value of September sales was $156.9 million.

Benchmark prices for single-family homes in the area rose about 2% to $734,000. The benchmark price for a townhouse/row unit was $640,800 (up 12% from last year) and for an apartment was $478,600.

Benchmark prices are based on the Home Price Index created by MLS and approximate the price one would expect for a home in the area.

In the central part of the region, the median price of a non-waterfront home was around $643,500 in September 2022, down 5.3% from a year ago. Waterfront home prices remained roughly even at a median price of $1.025 million. Lakelands Central includes Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Severn, Springwater, Tay and Tiny.

The median price of homes sold in September was highest in the western part of the Lakelands, at $700,000 for a non-waterfront home and $1.3 million for a waterfront home (up 12% from compared to last year). Lakelands West includes the Blue Mountains, Clearview, Collingwood, Gray Highlands, Meaford and Wasaga Beach.

“A strong performance on the new supply side offers good news for buyers who are still in the market and now have a wider choice of properties to choose from than they did when available listings reached their levels. lowest on record just a few months ago,” Murney said in the press release.

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