Market
Market
Parry Sound Real Estate | October 2023 Update
In October 2023, residential non-waterfront sales in the Lakelands region, as reported through the MLS® System, reached a total of 307 units, marking a significant decline of 16.3% compared to the corresponding period in 2022.
These sales were notably 40.6% below both the five-year and 10-year averages for the month of October. Examining the year-to-date perspective, residential non-waterfront sales amounted to 3,738 units for the first 10 months of the year, reflecting an 8.2% decrease from the same period in 2022.
On the waterfront property front, October 2023 witnessed 105 units sold, indicating a substantial gain of 15.4% (14 sales) from October 2022. However, waterfront sales fell short, standing at 29.1% below the five-year average and 30.6% below the 10-year average for the month.
Waterfront & Residential Property Sales
Year-to-date figures for waterfront sales totaled 1,019 units, showing a 4.6% decrease from the same period in 2022. The MLS® Home Price Index (HPI), known for its accurate tracking of price trends, reported an overall composite benchmark price of $707,300 in October 2023, representing a 1.2% decline from October 2022.
Breaking down property types, the benchmark price for single-family homes was $737,200, experiencing a modest 0.4% year-over-year decrease. In contrast, townhouse/row units saw a substantial 11.5% drop with a benchmark price of $574,400, and apartments experienced a minor 2.5% decrease, settling at a benchmark price of $453,500.
The median price for residential non-waterfront property sales in October 2023 was $675,000, showing a modest gain of 2.3% from October 2022. However, the year-to-date median price for non-waterfront properties was $680,000, indicating a 6.2% decline from the first 10 months of 2022.
Cottages in Muskoka priced above $3,000,000 continued to outperform the market significantly, with lower-priced properties trailing. This trend is expected to intensify into 2024 as demand outweighs supply.
For waterfront properties, the median price in October 2023 was $933,000, marking a substantial gain of 9.9% from October 2022. The year-to-date waterfront median price was $950,000, reflecting a 5.7% decrease from the first 10 months of 2022.
In terms of total dollar value, residential non-waterfront sales in October 2023 amounted to $226.4 million, a notable decrease of 16.3% from the same month in 2022. On the waterfront side, total sales reached $139.8 million, marking a significant 31.4% jump from October 2022.
Lakelands Property Sales including the Parry Sound Region
¹ Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach ² Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Severn, Springwater, Tay, Tiny ³ Lakelands North: Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes, Parry Sound
