February 2024 | Real Estate Market Report | The Lakelands Central

Dated: March 12 2024

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REAL ESTATE MARKET REPORT | FEBRUARY 2024


LAKELANDS CENTRAL:

In February 2024, The Lakelands Central area saw a shift from a buyer's market to a balanced market leaning towards a seller's market with 4.1 months of available inventory.

The area saw a notable 30.6% increase in residential properties sold and a 5.8% increase in sales. The average sale price in February 2024 for all of The Lakelands Central area was $736,166. Currently, homes in The Lakelands Central Area are selling in a median of 25 days.

MIDLAND:

In February 2024, Midland’s average residential sale price was $526,579, down 6.3% from February 2023.

Midland saw a notable 15.6% increase in the number of residential homes listed, with a fantastic increase in the number of properties sold, resulting in 26 firm sales in February 2024. This shift in listings and sales has moved the town into a seller’s market with just 2.9 months of inventory. Now is a great time to sell, with residential properties selling in a median of 31.5 days.

PENETANGUISHENE:

Penetanguishene saw a significant increase in new listings and sales in February 2024 year over year. With 8 firm sales and 28 new listings, this has created a good amount of inventory putting the area right on the cusp of a balanced market and a buyer’s market. 

There was a slight decrease in the sale price for an average residential sales price of $542,863 in February 2024.

TINY:

In February 2024, Tiny Township’s average sale price was $970,350, up slightly from February 2023. 

The area had 10 firm sales and 38 new residential listings, which have resulted in 8.7 months of inventory for Tiny Township. It’s an excellent time to buy and sell in Tiny, with properties selling in a median of 23.5 days.

TAY:

In February 2024, Tay Township’s average residential sale price was $581,480; a notable 13.3% increase from February 2023.

The number of residential homes sold was up 25%, and there was a 5% increase in listings for 21 new residential listings last month. With 4.5 months of inventory, Tay sits in a balanced market, and properties remain listed for a median of 15 days.

SPRINGWATER:

The Township of Springwater saw a notable 10.5% increase in the average residential sale price in February 2024 when compared to February 2023’s sale price.

There was a 20% increase in sales for the area, for 18 firm sales; with a 24.4% decrease in new listings, resulting in 3.4 months of available inventory, putting Springwater into a Seller’s Market. Properties are selling in a median of 51 days, making this spring a good time to list for a summer closing.

ORO-MEDONTE:

In February 2024, Oro-Medonte’s average residential sale price was $985,583; a notable 14.5% decrease from February 2023.

The area saw a decrease in the number of new listings and sales, resulting in 19 new listings and 12 properties sold firm in February 2024. With 6.3 months of available inventory, Oro-Medonte sits in a buyer’s market, and properties are selling in a median of 34 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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