February 2024 Southern Georgian Bay Real Estate Market Update

Riding the Wave of Market Trends in Collingwood, Blue Mountains, Meaford, Owen Sound, and Wasaga Beach

Hey there, homeowners and dreamers of cozy abodes in stunning Southern Georgian Bay! Today, we’re embarking on a thrilling ride through the local real estate scene, unpacking all the juicy details from February 2024 in Collingwood, Blue Mountains, Meaford, Owen Sound, and the ever-sunny Wasaga Beach. Stick with me till the end because I’ve got some exclusive insights that could be your game-changer, whether you’re on team buy or team sell.

Market Vibes in Southern Georgian Bay Hotspots:

Let’s kick off the excitement by exploring the distinct market vibes in different pockets of Southern Georgian Bay.

Collingwood: Steady at 5.4 months of inventory, comfortably nestled in a balanced market. If you’re not fluent in real estate lingo, don’t worry – I’ve got your back. Months of inventory tells us how long it would take for all homes on the market to sell. Less than 4 months? It’s a Sellers’ Market. 4-6 months? Balanced. Over 6 months? Buyers’ territory. Crystal clear? Fantastic!

Blue Mountains: Witnessed a shift from 7.3 to 8.9 months of inventory – welcome to Buyers’ Market territory.

Meaford: Also in Buyers’ Market, moving from 6.2 to 7.2 months of inventory in February.

Owen Sound: Holding its ground in a Balanced Market, going from 4.3 to 4.4 months.

Wasaga Beach: Keeping the Sellers’ Market vibe, moving from 3.7 to 3.8 months.

Dollars and Cents – Average Sale Price

Now, let’s talk numbers! Collingwood steals the spotlight with 40 sales, averaging $731,260, a 1.8% increase month over month. In Blue Mountains, 17 sales averaged $1,008,084, with a month-over-month decrease of -27% – quite the rollercoaster!

Meaford: 6 homes sold, averaging $813,188, down -0.4% month over month and up 5% year over year.

Owen Sound: 23 homes sold at an average of $454,496, showing a -1.8% monthly dip but a 4.6% year-over-year increase.

Wasaga Beach: 30 homes sold at an average of $727,256, marking an 18% increase from January and a 4% uptick from February 2023.

Sale to List Price and Days on Market

Time for the negotiation talk! Collingwood, Blue Mountains, Meaford, Owen Sound, and Wasaga Beach – buyers are negotiating between 3 and 6% off the last list price. And the waiting game is getting shorter: Collingwood (42 days), Blue Mountains (70 days), Meaford (51 days), Owen Sound (53 days), and Wasaga Beach (42 days).

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!

Policymakers held the overnight rate at 5% for the fifth time on March 6th. 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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