December 2023 Southern Georgian Bay Real Estate Market Update

If you’re a homeowner in Southern Georgian Bay or considering becoming one, it’s crucial to stay informed about the latest market trends. In this detailed update for December 2023, we’ll explore the real estate landscapes of Collingwood, Blue Mountains, Meaford, Owen Sound, and Wasaga Beach. Read to the end for some hidden opportunities, whether you’re planning to buy or sell.

Understanding Market Trends:

Let’s look at months of supply to tell us how many months it would take for all the homes currently on the market to sell, given the average sale volume.  Less than 4 months means there’s not a lot of inventory available, making it a Sellers Market; 4-6 months of inventory indicates a more balanced market. More than 6 months of inventory indicates a Buyer’s Market.  This means there are lots of properties available for buyers to choose between, which can typically drive prices down.

In Southern Georgian Bay we are experiencing every type of market, depending on the town!

1. Collingwood: Balanced Market Emerges

  • Inventory: Decreased from 6.5 to 5.1 months, signaling a move into a balanced market.
  • Months of Supply: A balanced market with 5.1 months of inventory.

2. Blue Mountains: A Buyer’s Market

  • Inventory: Decreased from 10.5 to 8.5 months, indicating a buyer’s market.
  • Months of Supply: A buyer’s market with 8.5 months of inventory.

3. Meaford: Favourable for Buyers

  • Inventory: Decreased from 8.3 to 7.6 months, continuing to favor buyers.
  • Months of Supply: A buyer’s market with 7.6 months of inventory.

4. Owen Sound: Shifting to a Seller’s Market

  • Inventory: Decreased from 4.2 to 3.4 months, transitioning into a seller’s market.
  • Months of Supply: A seller’s market with 3.4 months of inventory.

5. Wasaga Beach: Teetering Between Balanced and Seller’s Market

  • Inventory: Decreased from 4.6 to 4.1 months, hovering between a balanced and seller’s market.
  • Months of Supply: Nearing a seller’s market with 4.1 months of inventory.

Now to give you an idea, historically we do tend to be in a sellers or balanced market in the late fall months but you can imagine that with the interest rate headlines the way they are, we have a lot of buyers standing on the sidelines. 

Average Prices In Southern Georgian Bay

1. Average Sale Prices: A Mixed Bag

  • Collingwood: $708,900 (MoM decrease: -1%, YoY decrease: -18.7%)
  • Blue Mountains: $1,021,192 (MoM decrease: -5.5%, YoY decrease: -11%)
  • Meaford: $733,750 (MoM decrease: -9.1%, YoY increase: 56%)
  • Owen Sound: $344,056 (MoM decrease: -19%, YoY decrease: -29%)
  • Wasaga Beach: $532,150 (MoM decrease: -30%, YoY decrease: -15.5%)

2. Sale to List Price: Negotiating Power

  • Collingwood: 95%
  • Blue Mountains: 93%
  • Meaford and Owen Sound: 94%
  • Wasaga Beach: 96%

3. Days on Market: December Slowdown

  • Collingwood: 44 days
  • Blue Mountains: 72 days
  • Meaford: 58 days
  • Owen Sound: 53 days
  • Wasaga Beach: 55 days

Take it with a Grain of Salt

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 is for all types of houses from condos to detached freeholds, ramshackle fixer uppers to beautifully updated show homes, downtown locations to more rural spots.  So please take it with a grain of salt.

Hidden Opportunities:

With potential rate decreases, now is an opportune time for buyers to enter the market. Sellers should strategize and analyze their marketing plans for optimal results.

The Take Away:

The bottom line is that whether you’re buying or selling, every situation is unique and an in depth analysis needs to be completed before you make any major decisions.  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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