January 2024 Southern Georgian Bay Real Estate Market Update

Hey there, Southern Georgian Bay residents! Welcome back to another exciting market update.  (Am I the only one that loves to nerd out on stats?) Today, we’re taking a deep dive into the real estate trends that shaped the first month of 2024 in key areas such as Collingwood, Blue Mountains, Meaford, Owen Sound, and Wasaga Beach. Make sure you read until the end because we’ve got exclusive insights that could be game-changers, whether you’re in the buying or selling game.

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: Increased from 5.1 to 5.4 months, signalling a balanced market.
  • Months of Supply: A balanced market with 5.4 months of inventory.

2. Blue Mountains: A Buyer’s Market

  • Inventory: Decreased from 8.5 to 7.2 months, indicating a buyer’s market.
  • Months of Supply: A buyer’s market with 7.2 months of inventory.

3. Meaford: Favourable for Buyers

  • Inventory: Decreased from 7.6 to 6.2 months, continuing to favour buyers.
  • Months of Supply: A buyer’s market with 6.2 months of inventory.

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

  • Inventory: Decreased from 3.4 to 4.3 months, transitioning into a Balanced market.
  • Months of Supply: A Balanced market with 4.3 months of inventory.

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

  • Inventory: Decreased from 4.1 to 3.7 months, diving into a seller’s market.
  • Months of Supply: In a seller’s market with 3.7 months of inventory.

Average Prices In Southern Georgian Bay

Collingwood’s Center Stage

Collingwood boasted 21 sales averaging $718,590, a 2.5% increase month over month and a dramatic 19.7% decrease year over year.

Blue Mountains’ Noteworthy Stats

Blue Mountains had 16 sales averaging $1,167,063, with a month over month decrease of -7.8% and a substantial year over year increase of 18.5%.

Meaford’s Rise to the Occasion

In Meaford, 9 homes sold in January with an average price of $816,444, marking an 11.3% increase month over month and an impressive 31% year over year.

Owen Sound’s Surprising Numbers

Owen Sound saw 13 homes sold for an average of $463,108, representing a whopping 37% increase month over month and a 5.4% year over year decrease.

Wasaga Beach’s Market Dynamics

Wasaga Beach recorded 26 homes sold at an average price of $615,804, with a 15.7% increase from December and an 18.6% decrease from January 2023.

Sale to List Price: Negotiating Power

  • Collingwood: 95%
  • Blue Mountains: 94%
  • Meaford: 95%
  • Owen Sound: 97%
  • Wasaga Beach: 95%

This means in Southern Georgian Bay, buyers are negotiating between 3 and 6% off the last list price.

Let’s talk about the waiting game – Days on Market.
  • Collingwood: 62 days
  • Blue Mountains: 76 days
  • Meaford: 62 days
  • Owen Sound: 57 days
  • Wasaga Beach: 46 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:

And here’s the exciting part – hidden opportunities! Experts predict lower interest rates in 2024, encouraging buyers who’ve been waiting to make a move. Sellers, however, should craft pricing strategies based on the current climate, avoiding a throwback to 2022 house prices.

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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