The Lakelands Association of REALTORS®

Lakelands Association of REALTORS® MLS® home sales little changed from year-ago levels as waterfront increase offsets non-waterfront decline

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 389 units in July 2024. This decreased by 3% (12 sales) from the same period in 2023.

Residential non-waterfront sales were 26.3% below the five-year average and 30.7% below the 10-year average for the month of July.

On a year-to-date basis, residential non-waterfront sales totaled 2,478 units over the first seven months of the year. This was a decline of 7.4% from the same period in 2023.

Sales of waterfront properties numbered 123 units in July 2024. This increased by 5.1% (six sales) from the same period in 2023.

Waterfront sales were 36.7% below the five-year average and 42.9% below the 10-year average for the month of July.

On a year-to-date basis, waterfront sales totaled 648 units over the first seven months of the year. This was a modest gain of 1.7% (11 sales) from the same period in 2023.

“Overall residential activity was about even with where it stood last year at the same time in our region, with a small increase in waterfront sales offsetting a small decline in non-waterfront activity,” said Bonnie Looby, President of the Lakelands Association of REALTORS®. “New listings are still coming in very strong for the non-waterfront segments of the market, while sellers of waterfront properties have pulled back their listings to some extent. Pricing trends for non-waterfront homes seem to be turning a corner while the median price for waterfront homes took an unexpected dip in July compared to the near record in the previous month. With more interest rate cuts expected through the end of the year it will take more data to establish a firmer sightline on where the market is headed next.”

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 $726,900 in July 2024, a slight reduction of 0.6% compared to July 2023.

The benchmark price for single-family homes was $758,900, edging down 0.1% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $558,100, a decline of 4.7% compared to a year earlier, while the benchmark apartment price was $472,800, down by 4.8% from year-ago levels.

The median price for residential non-waterfront property sales in July 2024 was $650,000, down by 5.3% from July 2023.

The more comprehensive year-to-date residential non-waterfront median price was $665,000, a minor decrease of 2.9% from the first seven months of 2023.

The median price for waterfront property sales in July 2024 was $809,000, down sharply by 23% from July 2023.

The more comprehensive year-to-date waterfront median price was $950,000, a minor decrease of 1% from the first seven months of 2023.

The total dollar value of all residential non-waterfront sales in July 2024 was $291.8 million, a moderate decrease of 7.2% from the same month in 2023.

The total dollar value of all waterfront sales in July 2024 was $122.2 million, a substantial decline of 22.9% 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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