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Kawartha August Market Trends

Kawartha Lakes Real Estate Market Report August 2022

The summer market is now behind us in the Kawartha’s, a typically slower time in real estate with people enjoying vacations and cottage time. This summer’s slow down has to factor in the cool down of a red hot housing market, which saw a rather flat average sales price month over month for Kawartha Lakes houses for sale and a decrease of 4% from August 2021.

The concensus of many is that buyers are sitting back waiting for prices to dip further, and how can you blame them. With prices down almost 10% on average since May and a looming interest rate hike on September 7th, buyers are sure the market will continue to shift in their favour as we approach the Fall market. Sellers too, have noticed the slow down in the market, with new listings down for both waterfront and non-waterfront properties.

Kawartha Lakes Real Estate Association Trends Overview

Average Sales Price

$652,543

August 2021 – $679,984 /  -4.0%
July 2022 – $645,608 / +1.1%

Non-Waterfront Properties

New Listings
120

August 2021 (YoY)
118 / +1.7%

July 2022 (MoM)
187 / -35.8%

Homes for Sale
214

August 2021 (YoY)
90 / +137.8%

July 2022 (MoM)
212 / +0.9%

Total Sales
67

August 2021 (YoY)
117 / -42.7%

July 2022 (MoM)
56 / +19.6%

Days on Market
27

August 2021 (YoY)
18 / +50%

July 2022 (MoM)
20 / +35%

Months Supply
2.9

August 2021 (YoY)
0.9 / +222.2%

July 2022 (MoM)
2.7 / +7.4%

% of List Price
99%

August 2021 (YoY)
107.6% / -8.0%

July 2022 (MoM)
98.1% / +0.9%

Kawartha Lakes Non-waterfront residential properties saw a rather flat change of 1.1% in average sales value, coming in at $652,543. A notable change was a 4% decrease from August 2021, possibly giving us a look at whats to come in the coming months. The number of new listing cooled off compared to July, coming in at 120 and in line with what we saw in August 2021. Sales went up by nearly 20% compared to July, but still down sharply from the number of sales we saw in August of last year.

Days on market and supply continue to climb, with a huge jump year over year in both categories. With interest rates rising and buying power decreasing, this shows that seller expectations are still not falling in line with the current market. The percentage of list price remained lower than 100%, coming in at 99%. This is an 8% swing from what sellers were receiving last summer.

Average Sales Price

$974,467

August 2021 – $802,389 /  +21.4%
July 2022 – $1,264,941 / -23.0%

Waterfront Properties

New Listings
40

August 2021 (YoY)
36 / +11.1%

July 2022 (MoM)
48 / -16.7%

Homes for Sale
95

August 2021 (YoY)
35 / +171.4%

July 2022 (MoM)
99 / -4.0%

Total Sales
21

August 2021 (YoY)
37 / -43.2%

July 2022 (MoM)
17 / +23.5%

Days on Market
31

August 2021 (YoY)
18 / +72.2%

July 2022 (MoM)
18 / +72.2%

Months Supply
4.7

August 2021 (YoY)
1.2 / +291.7%

July 2022 (MoM)
4.6 / +2.2%

% of List Price
94.8%

August 2021 (YoY)
104.2% / -9.0%

July 2022 (MoM)
96.6% / -1.9%

Following non-waterfront property sales, Kawartha Lakes cottages for sale saw a decrease in new listings compared to the month prior, and a huge increase of supply. If we look back to August 2021, waterfront inventory is up 291.7%. Sellers received on average 94.8% of list price.

It is will be interesting to see if there is a spike of cottages hitting the market given the current speculations surrounding interest rates and looming recession. Luxuries like cottages and toys are typically the first to go, so watching where the market goes in September and October will be one to watch to see if the media is valid. I can also see a number of first-time vacation renal investors being tested, with a season of summer rentals under their belt, will they have enough cash flow to survive a winter?

A Deeper Dive into Local Real Estate Markets

Average Sales Price

$599,768

August 2021 – $633,233 /  -5.3%
July 2022 – $562,595 / +6.6%

Lindsay Real Estate

New Listings
46

August 2021 (YoY)
40 / +15.0%

July 2022 (MoM)
45 / +2.2%

Homes for Sale
68

August 2021 (YoY)
25 / +172.0%

July 2022 (MoM)
74 / -8.1%

Total Sales
27

August 2021 (YoY)
42 / -35.7%

July 2022 (MoM)
21 / +28.6%

Days on Market
25

August 2021 (YoY)
18 / +38.8%

July 2022 (MoM)
21 / +19.0%

Months Supply
2.2

August 2021 (YoY)
0.6 / +266.7%

July 2022 (MoM)
2.2 / 0%

% of List Price
98.6%

August 2021 (YoY)
109.4% / -9.9%

July 2022 (MoM)
98.6% / 0%

The Lindsay Ontario real estate market saw a slight increase in new listings and sales month over month, but sellers did not recieve nearly the amount of over ask offers they did this time last year. They maintained a 98.6% of list price, showing that sellers and Realtors are adjusting to the changing market. Houses in Lindsay Ontario are spending a longer period on the market, now averaging 25 days on market, up from 18 days last year and 21 days month over month.

Average Sales Price

$623,000

August 2021 – $673,742 / -7.5%
July 2022 – $737,871 / -15.6%

Fenelon Falls Real Estate

New Listings
3

August 2021 (YoY)
5 / -40.0%

July 2022 (MoM)
7 / -57.1%

Homes for Sale
7

August 2021 (YoY)
2 / +250%

July 2022 (MoM)
21 / -66.7%

Total Sales
2

August 2021 (YoY)
12 / -83.3%

July 2022 (MoM)
6 / -66.7%

Days on Market
35

August 2021 (YoY)
21 / +67.7%

July 2022 (MoM)
29 / +20.7%

Months Supply
1.3

August 2021 (YoY)
0.3 / +333.3%

July 2022 (MoM)
2.8 / -53.6%

% of List Price
100%

August 2021 (YoY)
99.5% / +0.5%

July 2022 (MoM)
99.5% / +0.5%

Homes for sale in Fenelon Falls saw a decrease in new listings and sales in August. With only 7 homes for sale, the inventory supply dropped month over month back to Spring 2022 levels. Even though it is taking longer to sell on average, sellers are still getting 100% of list price on average. This could be due to lack of inventory or sellers bringing their prices in line with the current market.

Average Sales Price

$633,385

August 2021 – $744,481 / -14.9%
July 2022 – $734,917 / -13.8%

Bobcaygeon Real Estate

New Listings
14

August 2021 (YoY)
14 / 0%

July 2022 (MoM)
17 / -17.6%

Homes for Sale
20

August 2021 (YoY)
10 / +100%

July 2022 (MoM)
24 / -16.7%

Total Sales
13

August 2021 (YoY)
16 / -18.8%

July 2022 (MoM)
6 / +116.7%

Days on Market
31

August 2021 (YoY)
18 / +72.2%

July 2022 (MoM)
29 / +6.9%

Months Supply
2.8

August 2021 (YoY)
0.8 / +250.0%

July 2022 (MoM)
3.2 / -12.5%

% of List Price
99.6%

August 2021 (YoY)
103.2% / -3.5%

July 2022 (MoM)
96.4% / +3.3%

Houses for sale in Bobcaygeon doubled over last year. A steady flow of listings helped increase the number of sales month over month, back to what we’re used to seeing in August. Compared to last August, supply is up 250%, a welcomed sight for buyers.

Kawartha Lakes Waterfront Trends

Average Sales Price

$1,750,000

August 2021 – $806,667 / +116.9%
July 2022 – $2,693,333 / -35.0%

Balsam Lake Real Estate

New Listings
2

August 2021 (YoY)
7 / -71.4%

July 2022 (MoM)
3 / -33.3%

Homes for Sale
9

August 2021 (YoY)
8 / +12.5%

July 2022 (MoM)
10 / -10.0%

Total Sales
2

August 2021 (YoY)
3 / -33.3%

July 2022 (MoM)
3 / -33.3%

Days on Market
31

August 2021 (YoY)
27 / +14.8%

July 2022 (MoM)
45 / -31.1%

Months Supply
3.5

August 2021 (YoY)
3.4 / +2.9%

July 2022 (MoM)
3.8 / -7.9%

% of List Price
93.4%

August 2021 (YoY)
113.2% / -17.5%

July 2022 (MoM)
94.8% / -1.5%

Balsam Lake cottages for sale saw decrease in new listings, which in turn decreased the total number of sales for the area. Summer is typically a slower time for cottages with many owners wanting to enjoy the last season before selling in the fall/winter. It will be interesting to see if there is a spike in houses for sale on Balsam Lake as summer winds down.

Average Sales Price

No Sales

August 2021 – No Sales
July 2022 – $1,250,000 / No Sales

Cameron Lake Real Estate

New Listings
0

August 2021 (YoY)
No Sales

July 2022 (MoM)
2 / -100%

Homes for Sale
4

August 2021 (YoY)
4 / 0%

July 2022 (MoM)
4 / 0%

Total Sales
0

August 2021 (YoY)
No Sales

July 2022 (MoM)
1 / -100%

Days on Market
No Sales

August 2021 (YoY)
No Sales

July 2022 (MoM)
13

Months Supply
4.0

August 2021 (YoY)
2.0 / +100%

July 2022 (MoM)
4.0 / 0%

% of List Price
No Sales

August 2021 (YoY)
No Sales

July 2022 (MoM)
98.1%

There might as well have been tumbleweeds instead of jet ski’s on Cameron Lake in August as not one new sale sign went up. Not even a Sold sign went on the existing 4 cottages for sale all month, giving us little data to go off of. Just like Balsam Lake, it will be interesting to see if we see an uptick of listings hit the market come September.

Average Sales Price

$742,980

August 2021 – $890,000 / -16.5%
July 2022 – $938,429 / -20.8%

Sturgeon Lake Real Estate

New Listings
8

August 2021 (YoY)
6 / +33.3%

July 2022 (MoM)
17 / -52.9%

Homes for Sale
30

August 2021 (YoY)
5 / +500%

July 2022 (MoM)
31 / -3.2%

Total Sales
5

August 2021 (YoY)
9 / -44.4%

July 2022 (MoM)
7 / -28.6%

Days on Market
30

August 2021 (YoY)
16 / +87.5%

July 2022 (MoM)
37 / -18.9%

Months Supply
5.3

August 2021 (YoY)
0.7 / +657.1%

July 2022 (MoM)
5.1 / +3.9%

% of List Price
96.9%

August 2021 (YoY)
102.5% / -5.5%

July 2022 (MoM)
93.8% / +3.3%

Sturgeon Lake waterfront cottages for sale was the busiest of the big three lakes in August, posting 5 sales, 8 new listings and a total of 30 cottages for sale. With the largest supply of the lakes at 5.3 months, buyers have been able to offer below list on average and win on deals. This is the lake to keep tabs on in the Fall/Winter if supply continues to rise. As it rises, we could see prices fall even more than 20% month over month.

Average Sales Price

$540,000

August 2021 – $569,900 / -5.2%
July 2022 – $875,000 / -38.3%

Burnt River Real Estate

New Listings
3

August 2021 (YoY)
7 / -57.1%

July 2022 (MoM)
4 / -25.0%

Homes for Sale
9

August 2021 (YoY)
9 / 0%

July 2022 (MoM)
3 / +200%

Total Sales
1

August 2021 (YoY)
5 / -80.0%

July 2022 (MoM)
1 / 0%

Days on Market
54

August 2021 (YoY)
7 / +671.4%

July 2022 (MoM)
12 / +350.0%

Months Supply
6.2

August 2021 (YoY)
1.1 / +463.6%

July 2022 (MoM)
4.8 / +29.2%

% of List Price
90.0%

August 2021 (YoY)
103.6% / -13.1%

July 2022 (MoM)
109.5% / -17.8%

Houses for sale on Burnt River Ontario saw a decrease in average sales price, must closer to summer 2021 averages. We did not see much activity in August with only 1 sale and 3 new listings hitting the market. Supply and days on market continue to increase and sellers are only receiving 90% of list price on average. This is not to say that nicer areas of the river are still receiving higher prices, the data above is only showing the effects of one sale that can skew the data.

Don’t see the town or waterfront you’re interested in? Reach out to me to receive a customized report! I will work with you to understand the market as a buyer or a seller to strategize the best approach.

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Jason Richard, REALTOR®
Call/Text: (705) 879-8200
Email: jasonrichard@royallepage.ca

Jason Richard Realtor