Parry Sound Real Estate – November 2023 Update

Lake Wahwashkesh, Parry Sound

In November 2023, the MLS® System recorded 256 residential non-waterfront sales in the Lakelands region, marking a significant 17.2% decrease from the corresponding period in 2022.

The sales activity for residential non-waterfront properties stood at 35.7% below the five-year average and 36.9% below the 10-year average for the month of November. On a year-to-date basis, there were a total of 3,996 units sold, reflecting a moderate 8.8% decrease compared to the same period in 2022.

Meanwhile, waterfront property sales showed a positive trend with 64 units sold in November 2023, representing an 8.5% increase from November 2022. However, these sales were 30.1% below the five-year average and 32.4% below the 10-year average for November. Year-to-date waterfront sales totaled 1,082 units, experiencing a moderate 4% decrease from the same period in 2022.

Lake Manitouwabing cottage near Parry Sound

A Changing Real Estate Market

The MLS® Home Price Index (HPI) provides a more accurate reflection of price trends, revealing an overall composite benchmark price of $690,800 in November 2023. This indicated a slight reduction of 0.6% compared to November 2022.

Keep in mind that when the sales numbers are very low, price trends can be skewed significantly. As property sales are currently at these low levels you need to take the numbers with a grain of salt.

Breaking down property types, the benchmark price for single-family homes remained unchanged year-over-year at $719,000, while townhouse/row units saw a decline of 6.8%, settling at $567,400. The benchmark apartment price showed a modest decrease of 1.8%, reaching $447,800.

Chart of Lakelands property sales including Parry Sound real estate
Chart of Cottage & Home prices including Parry Sound

We cover all areas of Parry Sound real estate including cottages, homes and commercial properties. If you have any questions just call John fincham @ 705 783 7718.

Waterfront & Residential Property Sales for November

Examining median prices, residential non-waterfront property sales in November 2023 recorded a median price of $615,000, marking a 4.4% decrease from November 2022. The comprehensive year-to-date median price for residential non-waterfront properties was $676,250, reflecting a 6.1% decline from the first 11 months of 2022.

These statistics reflect the entire real estate board which covers a vast area including Parry Sound but we will do a post later that is strictly the Parry Sound region. In the waterfront property segment, the median price for November 2023 was $862,500, indicating a noteworthy 15% increase from November 2022. The comprehensive year-to-date waterfront median price was $950,000, showing a 5% decline from the first 11 months of 2022.

The total dollar value of all residential non-waterfront sales in November 2023 was $181.7 million, experiencing a substantial 25% decrease from the same month in 2022. Conversely, the total dollar value of all waterfront sales in November 2023 amounted to $67.2 million, marking a 13% increase from the same month in 2022.

Areas Covered by the Lakelands Real Estate Board

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


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