Sunday, April 21, 2024

Home Sales Post Strong Gains in February

Residential non-waterfront sales activity recorded through the MLS System for the Lakelands region, which includes the Municipality of Meaford, totalled 318 units in February 2024. This was a sizable gain of 24.2% from the same period in 2023.

Residential non-waterfront sales were 16.1% below the five-year average and 11.6% below the 10-year average for the month of February.

On a year-to-date basis, residential non-waterfront sales totalled 516 units over the first two months of the year. This increased by 11% from the same period in 2023.

Sales of waterfront properties numbered 44 units in February 2024. This was a jump of 57.1% from the same period in 2023.

Waterfront sales were 25.4% below the five-year average and 16.7% below the 10-year average for the month of February.

On a year-to-date basis, waterfront sales totalled 68 units over the first two months of the year. This increased by 17.2% (10 sales) from the same period in 2023.

“Sales of both waterfront and non-waterfront homes rebounded from their lows last February, posting double-digit year-over-year gains of more than 20 percent,” said Bonnie Looby, president of the Lakelands Association of Realtors. “We’re seeing two different pricing trends in the market right now, with a softer pricing environment for the non-waterfront segment while prices for waterfront homes continue their steady rise that began in the fall of 2022. There’s still an ample supply of homes in both segments, although with the significant rise in sales activity in February the market has been lifted back into balanced territory.”

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 $654,400 in February 2024, down by 4.4% compared to February 2023.

The benchmark price for single-family homes was $678,000, a decrease of 4.3% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $559,500, a moderate decrease of 4.9% compared to a year earlier, while the benchmark apartment price was $446,700, falling by 2.2% from year-ago levels.

The median price for residential non-waterfront property sales in February 2024 was $635,000, a decline of 9.3% from February 2023.

The more comprehensive year-to-date residential non-waterfront median price was $635,000, down by 7.3% from the first two months of 2023.

The median price for waterfront property sales in February 2024 was $954,950, a gain of 21.7% from February 2023.

The more comprehensive year-to-date waterfront median price was $899,950, up by 6.1% from the first two months of 2023.

The total dollar value of all residential non-waterfront sales in February 2024 was $224.4 million, an increase of 12.3% from the same month in 2023.

The total dollar value of all waterfront sales in February 2024 was $50.2 million, a jump of 77.4% from the same month in 2023.

Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach

Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Springwater, Tay, Tiny

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, Severn.

Popular this week

Latest news