Property
Property
Magnetawan Real Estate | June 2023 Update
Last month, the MLS® System recorded 490 residential non-waterfront sales in the Lakelands region, marking an impressive 23.7% increase compared to June 2022.
While residential non-waterfront sales fell short of the five-year average by 17.2% and the ten-year average by 20.8% for June, year-to-date sales of 2,284 units showed a significant 16% decline compared to the previous year.
In contrast, waterfront properties experienced a surge in demand, with 175 units sold in June 2023, representing a substantial 31.6% increase from June 2022. However, waterfront sales still trailed behind the five-year average by 21.8% and the ten-year average by 21.9% for June. Year-to-date sales of waterfront properties reached 542 units, showing a decline of 10.6% compared to the previous year."
Matthew Lidbetter, the President of the Lakelands Association of REALTORS®, has shared some promising insights into the current state of Magnetawan's real estate market. Both waterfront and non-waterfront property sales have shown year-over-year growth in June, indicating a growing sense of confidence among sellers and a resurgence in market supply. While we may not see the record-breaking levels of the past two years in the near future, the market is certainly moving in a positive direction.
Median Sale Prices
Turning our attention to pricing trends, the MLS® Home Price Index (HPI) for June 2023 reveals that the overall benchmark price for all types of properties was $714,600. This reflects a moderate decline of 9.7% compared to the previous year.
Breaking it down by property type, single-family homes had a benchmark price of $743,100, marking a 9.3% year-over-year decrease. Townhouse and row units, on the other hand, experienced a more substantial drop of 14.1%, with the benchmark price at $578,000. Apartments had a benchmark price of $470,100, showing a 9.2% decrease from the previous year.
For those interested in waterfront properties, the median price in June 2023 was $901,600, signifying a 9.8% decrease from June 2022. Looking at the year-to-date median price for waterfront properties, it stood at $940,000, representing a decline of 14.6% from the first six months of 2022.
Sales Volumes
Waterfront Prices Softening
Despite these price fluctuations, the total dollar value of all non-waterfront residential sales in June 2023 amounted to a substantial $390.1 million. This marks an impressive 30.3% increase when compared to the same month in 2022. Likewise, the total dollar value of all waterfront sales in June 2023 reached $264.2 million, demonstrating a noteworthy 35.7% increase from the previous year.
We remain committed to providing you with the latest market data and expert guidance to empower you in navigating this ever-evolving real estate landscape. If you have any questions or need assistance, please do not hesitate to get in touch with us.
¹ Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach ² Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Severn, Springwater, Tay, Tiny ³ Lakelands North: Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes, Parry Sound
BOARD & ASSOCIATION INFORMATION
The Lakelands Association of REALTORS® represents more than 1,550 REALTORS®. There are several major geographical areas within the Association's boundaries, including parts of Severn and Georgian Bay Townships; Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, and portions of the Municipality of Meaford, Grey Highlands. As well as Towns of Midland and Penetanguishene, the Townships of Tay, and Tiny. In the heart of Canada's Cottage Country; Parry Sound, Muskoka, Haliburton, Orillia, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, and Lake of Bays. Most within our geographical area are located less than a two-hour drive north of Toronto. Each offering a unique blend of properties ranging from residential homes to smaller towns and the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes that range from the smaller entry-level properties to the prestigious.
