August 2023 Real Estate Market Report

Dated: September 12 2023

Views: 684

REAL ESTATE MARKET REPORT | AUGUST 2023
The Lakelands Central Area

LAKELANDS CENTRAL:

August 2023 was a great month for the Lakelands Central area’s residential real estate market. The area, which encompasses Midland, Penetang, Tay, Tiny, Springwater, Oro-Medonte, Orillia, and Ramara, saw a 6.7% increase in new listings; and a fantastic 14.1% increase in sales when compared to August 2022.
The average sale price was up slightly year-over-year, for an average residential sale price of $772,088. At this time, the Lakelands Central area has four months of available inventory, and homes are selling in a median of 22 days.

MIDLAND:

The Midland real estate market finished summer strong. We saw a 66.7% increase in the number of properties sold year-over-year, for 35 firm sales in August 2023. In addition to an increase in sales, the township saw a 15.6% increase in new listings, and a 5.4% rise in the average residential sale price, resulting in an average price of $597,190.
With only two months of available inventory, Midland sits in a seller's market, with properties remaining on the market for a median of 26 days.

PENETANGUISHENE:

In August 2023, Penetangushine’s average residential sale price was $650,914; down slightly from August 2022.
The town saw a significant 23.5% decrease in the number of new listings, but a 40% increase in the number of properties sold resulting in 2.7 months of available inventory, making Penetang a solid seller’s market.

TINY:

Tiny Township saw a substantial 36.8% increase in the average residential sale price for August of 2023; resulting in an approximately $240k rise year-over-year.
During the month, the township saw 22 properties sold, and 65 new listings, resulting in 6.2 months of available inventory, keeping Tiny Township in a balanced market edging towards a seller’s market.

TAY:

In August 2023, Tay Township’s average residential sale price was $719,572; up significantly from August 2022.
The number of residential homes sold had a slight 5.3% decrease, and the number of new listings was up 8.8%. With 4.1 months of available inventory, Tay sits in a balanced market, and properties remain listed for a median of 39 days.

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Jim Hawke

Jim Hawke – Broker of Record, and Michele Hawke – Accounting & Deal Clerk I would like to take this opportunity to introduce the founding members of Team Hawke Realty. Jim Hawke started his real....

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