Community News

REGIONAL REAL ESTATE SALES, PRICES, DROP IN FEBRUARY

REAL ESTATE SALES ACROSS SIMCOE, GREY AND MUSKOKA LOWER THAN 5- AND 10-YEAR AVERAGES

IAN ADAMS iadams@simcoe.com

Real estate sales took a steep drop in February, falling well below the fiveand 10-year averages for the month.

For residential non-waterfront homes, there were 252 sales, nearly 40 per cent below the same period in 2022, according to the Lakelands Association of Realtors.

The association represents realtors from across Simcoe County, the eastern part of Grey, and into the District of Muskoka and Haliburton County.

For the month, sales of non-waterfront residential properties were 32.8 per cent below the five-year average and 28.7 per cent below the 10-year average.

Sales of waterfront property sales were down more than 60 per cent from the same period in 2022, and 51 per cent below the five-year average and 44.3 per cent below the 10-year average for the month of February.

"Sales activity for both waterfront and non-waterfront properties is still coming in below typical levels for this time of year, and it may not be until the spring finally arrives that we begin to see any shifts in the market," said association president Matthew Lidbetter.

"There is a divergence in supply coming onto the market between the two property types at the moment, with new listings still very low for non-waterfront properties, but having somewhat rebounded for waterfront homes. Overall inventories are still low by historical standards for both property types so there's ample room to absorb any increases."

The MLS Home Price Index

(HPI) composite benchmark price in February 2023 was $669,200, down by 17.4 per cent compared to the previous February.

The benchmark price for single-family homes was $687,800, a substantial decrease of 18.7 per cent on a year-over-year basis in February.

By comparison, the benchmark price for townhouse/row units was $601,900, a small reduction of 1.5 per cent compared to a year earlier, while the benchmark apartment price was $486,000, falling by 1.4 per cent from yearago levels.

The Lakelands Association of Realtors is divided into three districts: West (The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach); Central (Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Severn, Springwater, Tay, Tiny); and North (Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes, Parry Sound).

NEWS

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2023-03-23T07:00:00.0000000Z

2023-03-23T07:00:00.0000000Z

https://communitynews.pressreader.com/article/281539410203435

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