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Parry Sound Real Estate | April 2023 Market
The Parry Sound real estate market is currently experiencing significant fluctuations, with sales numbers for homes and cottages at 5 year lows . The following statistics are from The Lakelands Association of Realtors®, specifically for the Lakelands North area, which encompasses Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes, and Parry Sound.
We will highlight Parry Sounds specific numbers, as well as regional statistics and sales figures for the entire Lakelands Board coverage area to provide a better overall understanding of the market's trajectory.
To the end of March there have been only 184 homes, cottages and vacant properties closed compared to 597 in 2022. Of those properties sold this year, 115 were residential, 42 were waterfront with some cross- over sales ( ie duel listed residential on water). This represents a significant decline in waterfront and non-waterfront residential sales year-over-year. With such low numbers to work with, median and average sale prices are easily influenced by outliers, making accurate price comparisons challenging. Additionally, the number of active listings on the MLS® system continues to rise, as seen in the chart below. These trends appear to be Ontario-wide, as real estate boards update and publish their current information.
In the last couple of week the number of active listings has risen substantially so buyers will have many more properties to consider. Time will tell if this is a trend or short term bump.
Parry Sound Real Estate Activity | March 2023
From CREA / Lakelands Statistics for April 2023
In March 2023, the Lakelands region's MLS® System recorded a sharp drop of 36.4% in residential non-waterfront sales, with only 370 units sold, compared to the same period in 2022. These sales were also 29.5% below the five-year average and 25.9% below the ten-year average for the month of March.
Year-to-date, residential non-waterfront sales saw a substantial decline of 36% from the first three months of 2022, with only 827 units sold.
Waterfront property sales were also affected, with only 73 units sold in March 2023, representing a sharp drop of 19.8% from the same period in 2022. These sales were also 27.3% below the five-year average and 22.8% below the ten-year average for the month of March.
Year-to-date, waterfront sales decreased by 39.1% from the first three months of 2022, with only 134 units sold.
The MLS® Home Price Index (HPI), a more accurate tool for tracking price trends, showed that the overall MLS® HPI composite benchmark price was $673,400 in March 2023, reflecting a substantial decrease of 18.9% compared to March 2022.
Single-family homes were priced at a benchmark of $695,000, representing a significant reduction of 19.7% year-over-year. In comparison, the benchmark price for townhouse/row units was $573,500, reflecting a substantial decline of 10.7% compared to the previous year, while the benchmark apartment price was $476,100, showing a decline of 7.6% from the previous year.
The median price for residential non-waterfront property sales in March 2023 was $648,500, representing a large decline of 18.9% from March 2022. The year-to-date median price for residential non-waterfront property sales was $665,000, reflecting a substantial decline of 19.4% from the first three months of 2022.
The median price for waterfront property sales in March 2023 was $900,000, representing a large decline of 23.4% from March 2022. The year-to-date median price for waterfront property sales was $894,450, representing a substantial decline of 23.9%.
Real Estate questions? Call John Fincham @ 705 783 7718
REAL ESTATE BOARD & ASSOCIATION INFORMATION
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.
