The Lakelands Association of REALTORS®

Lakelands Association of REALTORS® MLS® waterfront home sales pick up in March as non-waterfront activity remains sluggish

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 325 units in March 2024. This was a sharp decrease of 13.1% from the same period in 2023.

Residential non-waterfront sales were 35.6% below the five-year average and 34.9% below the 10-year average for the month of March.

On a year-to-date basis, residential non-waterfront sales totaled 840 units over the first three months of the year. This was nearly unchanged, up only 0.1% (one sale) from the same period in 2023.

Sales of waterfront properties numbered 77 units in March 2024. This was a gain of 8.5% (six sales) from the same period in 2023.

Waterfront sales were 22.5% below the five-year average and 18.3% below the 10-year average for the month of March.

On a year-to-date basis, waterfront sales totaled 145 units over the first three months of the year. This was up by 12.4% from the same period in 2023.

“The waterfront segment of the market seems to be leading the recovery this spring, with activity rising from year-ago levels compared to a decline in the non-waterfront segment,” said Bonnie Looby, President of the Lakelands Association of REALTORS®. “Both types of properties have seen a rebound in new listings, so it’s not for a lack of supply that non-waterfront homes are not selling at the same pace as their waterfront counterparts. Despite both segments taking longer to sell compared to last year, waterfront properties are spending less time on the market before they sell than non-waterfront properties.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $679,400 in March 2024, a minor decrease of 1.1% compared to March 2023.

The benchmark price for single-family homes was $707,900, a slight reduction of 0.6% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $549,900, falling by 4.3% compared to a year earlier, while the benchmark apartment price was $433,900, a modest decline of 3.3% from year-ago levels.

The median price for residential non-waterfront property sales in March 2024 was $725,000, an increase of 11.8% from March 2023.

The more comprehensive year-to-date residential non-waterfront median price was $665,000, a slight reduction of 0.2% from the first three months of 2023.

The median price for waterfront property sales in March 2024 was $950,000, a minor increase of 2.2% from March 2023.

The more comprehensive year-to-date waterfront median price was $910,000, a small gain of 1.1% from the first three months of 2023.

The total dollar value of all residential non-waterfront sales in March 2024 was $257.5 million, falling by 9% from the same month in 2023.

The total dollar value of all waterfront sales in March 2024 was $90 million, a gain of 4.1% from the same month in 2023.

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

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.

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