April 2024 Southern Georgian Bay Real Estate Market Update

Dissecting the April 2024 Real Estate Market Trends in Collingwood, Blue Mountains, Meaford, Owen Sound, and Wasaga Beach

Welcome, homeowners and aspiring homeowners in Southern Georgian Bay! Today, we embark on an insightful journey into the intricate dynamics of the local Real Estate market. Join me as we uncover the latest trends shaping the landscapes of Collingwood, Blue Mountains, Meaford, Owen Sound, and Wasaga Beach. Whether you’re considering buying or selling, this comprehensive analysis promises to provide exclusive insights that could redefine your approach to the market.

Understanding Market Dynamics

Let’s dive into the heart of the matter – the current market pulse in Southern Georgian Bay. From Collingwood to Wasaga Beach, we’ll decipher the nuances of inventory levels and what they mean for buyers and sellers alike.

Collingwood: Let’s start our expedition in Collingwood, where the market has transitioned from balanced to a buyer’s domain, boasting 6.3 months of inventory. With a slight decrease in average sale price but a significant year-over-year increase, Collingwood presents an intriguing landscape for both buyers and sellers.

For the uninitiated, months of inventory indicate how long it would take to sell all current homes at the current pace. 

Blue Mountains: In Blue Mountains, the market has shifted further into the buyer’s favour, with nearly a year of inventory. However, this doesn’t mean tons of choice for all. Interestingly, there’s more inventory for high-budget buyers (read: $3 Million and over) compared to those seeking more affordable options. It’s a nuanced market worth exploring for hidden opportunities.

Meaford: Meaford echoes the trend, firmly nestled in a buyer’s market with increased inventory. Despite the surge in average sale price, there’s still room for negotiation, making it an enticing prospect for savvy buyers.

Owen Sound: Contrary to the regional trend, Owen Sound stands firm in a balanced market, with a slight decrease in inventory. While average sale prices have dipped marginally, it’s still a landscape ripe for exploration for both buyers and sellers.

Wasaga Beach: Wasaga Beach has witnessed a transition from seller to buyer dominance in recent months. Despite this shift, average sale prices continue to climb, showcasing the market’s resilience and potential for those willing to dive in.

Dollars and Cents – Average Sale Price

Now, let’s talk dollars and cents – Average Sale Price. Collingwood with 42 sales averaging $905,362, a small -1.2% decrease month over month and 11.2% increase year over year. In Blue Mountain, there were 19 sales averaging $1,087,021, representing a month-over-month decrease of -5% and a year over year decrease of -10.4%.

In Meaford, we saw 10 homes sold in April with an average price of $768,400, up 18.8% month over month and 13.3% year over year.

Next up is Owen Sound with 28 Homes sold for an average of $485,639, representing a small decrease month over month of -0.6% and year over year decrease of -2.4%.

Finishing off with Wasaga Beach, which saw 41 Homes Sold at an average price of $730,291, a 7.5% increase over March and a 2.1% increase from April 2023

As you can see from this breakdown, the Southern Georgian Bay region varies quite a bit from town to town. It’s important to note that this data encompasses all types of houses, from condos to detached freeholds, from ramshackle fixer-uppers to beautifully updated show homes, and from downtown locations to more rural spots. So please take it with a grain of salt.

Sale to List Price and Days on Market

The negotiation landscape is a crucial aspect of real estate transactions. We delve into the Sale to List Price ratio, revealing the bargaining power of buyers and sellers in each market. From Collingwood to Wasaga Beach, understanding these trends is key to securing favourable deals. 

Collingwood and Blue Mountains are both at a 95% sale-to-list percentage, Owen Sound is in the lead at 98%, Meaford at 94% again this month, and Wasaga Beach at 97%. This means that in Southern Georgian Bay, Buyers are negotiating between 2 and 5% off the last list price.

Hidden Opportunities

Zooming out a bit, let’s talk mortgage rates. The Bank of Canada held steady, but variable rates remain virtually unchanged, while fixed rates continue to drop. And here’s the exciting part – hidden opportunities!

Economists predict by July 24th the likelihood of a 0.25% rate drop is 87%.  I believe there is a small window of opportunity between now and when rates go down further.  Buyers that have been waiting on the sidelines will all rush in at the same time – which will in turn affect the average sale prices.  As a buyer, I’d want to be ahead of that curve.   

Sellers, I’m seeing buyers take their time in making a decision.  They are cautious and methodical.  This market requires a well-planned pricing strategy based on the current climate, great staging and a powerful showing experience.  Put the effort in up front to push those buyers from indecision to signing on the dotted line.

As you can see from this market update, even our Southern Georgian Bay area varies widely from town to town.  If you want an accurate market analysis for your home, or you’re thinking of buying in this region and want to know where the best opportunities are – reach out to connect with me for a no obligation chat about your options.  I’m always going to give you an honest analysis so that you’re informed to make the best decision for you and your family.  If that sounds like it would be helpful, you can click here to set up a call!

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