June 2024 Southern Georgian Bay Real Estate Market Update

The June 2024 Real Estate Market Trends in 
Collingwood, Blue Mountains, Meaford, Owen Sound, and Wasaga Beach

Hey there, Southern Georgian Bay! We’re about to dive into the juicy details of the June 2024 real estate market in Collingwood, Blue Mountains, Meaford, Owen Sound, and Wasaga Beach. It’s been a wild month, so hang on tight because I’ve got some sizzling insights that can seriously level up your game—whether you’re dreaming of your next home or gearing up to make a top-notch sale. Let’s jump in!

What’s Happening with Market Inventory?

First up, let’s talk about what’s happening with market inventory. This is all about how many homes are up for grabs and how long they’re likely to stick around.

Collingwood:

  • 8.8 months of inventory: This means Collingwood is rocking a Buyers’ Market, with more homes available for you to choose from.
  • Translation: If you’re buying, you’ve got the upper hand with plenty of options and bargaining power.

Blue Mountains:

  • 16.8 months of inventory: For the second month in a row, Blue Mountains is deep in Buyers’ Market territory.
  • Luxury vs. Budget: There are more choices if you’re splurging over $1-2 Mil than if you’re looking for a bargain under a million.

Meaford:

  • 9 months of inventory: Meaford is holding steady as a Buyers’ Market but with a slight drop from last month’s 9.6 months.

Owen Sound:

  • 5.7 months of inventory: Just a smidge down from May’s 5.8 months, keeping things balanced.

Wasaga Beach:

  • 7.8 months of inventory: This place is hanging in the Buyers’ Market, with a slight uptick from May’s 7.6 months.

Dollars and Cents – Average Sale Price

Alright, let’s talk about the nitty-gritty of average sale prices and how they’ve shifted this month.

Collingwood:

  • Average price: $751,483
  • Changes: Down 17% from last month and down 18.4% year-over-year.
  • Sales: 35 homes found new owners.

Blue Mountains:

  • Average price: $1,072,203
  • Changes: Down 20% from last month and down 5% year-over-year.
  • Sales: 25 homes sold.

Meaford:

  • Average price: $809,404
  • Changes: Up 10.8% month-over-month but down 23% year-over-year.
  • Sales: 13 homes sold.

Owen Sound:

  • Average price: $475,217
  • Changes: Down 16% from last month and down 7.7% year-over-year.
  • Sales: 30 homes sold.

Wasaga Beach:

  • Average price: $697,781
  • Changes: Down 3.8% from May but up 6% from June 2023.
  • Sales: 48 homes sold.

Sale to List Price and Days on Market

Now let’s peek at the sale-to-list price ratios. This stat shows how much buyers are negotiating off the last listing prices.  These stats can be a little misleading though – not accounting for what the house originally listed for.

  • Collingwood: 95% of the list price
  • Blue Mountains: 96%
  • Owen Sound: 96%
  • Meaford: 93%
  • Wasaga Beach: 96%

What this means: In Southern Georgian Bay, buyers are shaving off between 4% and 7% from the listed prices.

Let’s talk about the waiting game—how long it takes for homes to get snatched up.

  • Collingwood: 48 days on market
  • Blue Mountains: 42 days
  • Meaford: 47 days
  • Owen Sound: 35 days
  • Wasaga Beach: 38 days

Mortgage Rate News Wondering about mortgage rates? Here’s the scoop:

June 5th Rate Cut: The Bank of Canada dropped the overnight rate by 25 basis points to 4.75%.

Impact: This cut lowers the Prime rate from 7.20% to 6.95%, affecting variable mortgages and lines of credit right away.

Current mortgage rates: They range from the high 4%s to the high 6%s, depending on various factors.

Hidden Opportunities and Key Insights

Now, for the exciting part—hidden opportunities in this market!

  • Post-rate cut reaction: We’ve seen a predictable spike in offers on homes that had been sitting for a while.
  • For Buyers: It’s a fantastic time to negotiate a deal with more inventory on the market.
  • For Sellers: With the interest rate drop, expect more buyers, but make sure your pricing is spot on. Bidding wars aren’t the norm here, so a correct price is key.

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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