The beginning of our summer market proved to be a slower month, which is normal considering the market pre-covid. Even though inventory isn’t yet at buyers market levels, every other indicator is suggesting the power has been shifted to buyers to take their time with decisions, submit offers with conditions, and even offer below asking and be accepted. We’re at a point where sellers are starting to accept the fact that comparable sales from February are no longer valid and must be amended to the current market conditions.
Normal Summer Slowdown?
It’s obvious that interest rate increases have altered buyers situations and decreased buying power, but only time will tell if the trend of increased days on market, supply and decreased overall sales is solely due to the Bank of Canada’s decisions or if buyers are taking summer holidays and making plans for the fall market. With another possible rate hike coming in September, buyers purchase power may be further reduced leading to further decreases in sales prices.
Kawartha Lakes Real Estate Association Trends Overview
Average Sales Price
$645,608
July 2021 – $655,224 / -1.5%
June 2022 – $676,786 / -4.6%
Non-Waterfront Properties
New Listings
128
July 2021 (YoY)
120 / +6.7%
June 2022 (MoM)
187 / -31.6%
Homes for Sale
212
July 2021 (YoY)
109 / +94.5%
June 2022 (MoM)
187 / +13.4%
Total Sales
56
July 2021 (YoY)
90 / -37.8%
June 2022 (MoM)
106 / -47.2%
Days on Market
20
July 2021 (YoY)
10 / +100%
June 2022 (MoM)
14 / +42.9%
Months Supply
2.7
July 2021 (YoY)
1.1 / +145.5%
June 2022 (MoM)
2.3 / +17.4%
% of List Price
98.1%
July 2021 (YoY)
107.5% / -8.7%
June 2022 (MoM)
101.8% / -3.6%
Non-waterfront residential properties saw another decrease in average sales value, coming in at $645,608. This was a dip of 4.6% month over month and 1.5% lower than July 2021. There was a major increase of homes available in the marketplace, climbing to 212 compared to last month at 187 and almost double since last July when only 109 homes were on market. Buyers slowed down on buying by almost 50% compared to June and almost 40% compared to last July.
Naturally, days on market increased due to the buyer demand cooling with an average of 20 days on market compared to last year when it was only 10 days. For the first time since September 2020, we saw the average percentage of list price fall below 100%, now sitting at 98.1%. This means more and more sellers are settling on a price lower than list. This doesn’t mean certain homes in great locations aren’t selling above list still, it’s just coming back down from the monster 122% peak we saw in February.
Average Sales Price
$1,264,941
July 2021 – $883,166 / +43.2%
June 2022 – $928,915 / +36.2%
Waterfront Properties
New Listings
48
July 2021 (YoY)
47 / +2.1%
June 2022 (MoM)
75 / -36%
Homes for Sale
99
July 2021 (YoY)
50 / +98%
June 2022 (MoM)
91 / +8.8%
Total Sales
17
July 2021 (YoY)
32 / -46.9%
June 2022 (MoM)
13 / +30.8%
Days on Market
29
July 2021 (YoY)
21 / +38.1%
June 2022 (MoM)
18 / +61.1%
Months Supply
4.6
July 2021 (YoY)
1.7 / +170.6%
June 2022 (MoM)
4.0 / +15%
% of List Price
96.1%
July 2021 (YoY)
102.4% / -5.7%
June 2022 (MoM)
99.9% / -3.3%
Waterfront real estate for sale in Kawartha Lakes rebounded in July, posting an average above the million dollar mark and surging 36% higher than the previous month. Mind you, we saw an increase in sales and overall inventory available. It’s important to remember that with waterfront properties comes luxury, so the average sales price can be due to higher quality listings selling.
From the perspective of a slower market, the total days on market, months supply, and percentage of list price definitely took a hit. The average waterfront cottage in the Kawartha’s took about a month to sell, comparing to June when the average was 18 days and 21 days when we look at July 2021. Our supply has been rising steadily to 4.6 months, up 0.6 months over June of this year and a whopping 170% above July 2021.
Another key to how the market has reacted to rate hikes, time on market and supply is the percentage of list price. It decreased to 96.1%, down almost 6% compared to July of last year when most sales were going over ask at 102.4%. Circling back, if you look at the number of new listings and homes for sale last July, you can see that supply is having a direct effect on the competition and overall sale price, as it should.
A Deeper Dive into Local Real Estate Markets
Average Sales Price
$563,595
July 2021 – $623,404 / -9.6%
June 2022 – $656,187 / -14.1%
Lindsay Real Estate
New Listings
45
July 2021 (YoY)
38 / +18.4%
June 2022 (MoM)
76 / -40.8%
Homes for Sale
74
July 2021 (YoY)
30 / +146.7%
June 2022 (MoM)
66 / +12.1%
Total Sales
21
July 2021 (YoY)
32 / -34.4%
June 2022 (MoM)
48 / -56.3%
Days on Market
21
July 2021 (YoY)
14 / +50%
June 2022 (MoM)
17 / +23.5%
Months Supply
2.2
July 2021 (YoY)
0.7 / +214.3%
June 2022 (MoM)
1.9 / +15.8%
% of List Price
98.6%
July 2021 (YoY)
111.4% / -11.5%
June 2022 (MoM)
100.9% / -2.3%
Lindsay continued to add inventory in July, but buyer interest held off considerable with over 55% less sales recorded month over month and a steady increase of supply by almost 16%. Over the course of two months, Lindsay home real estate shifted to a buyers market, allowing buyers to take their time considering their options, submit offers with conditions, and offer below ask with a better chance of being accepted.
Average Sales Price
$737,871
July 2021 – $670,492 / +10%
June 2022 – $635,744 / +16.1%
Fenelon Falls Real Estate
New Listings
7
July 2021 (YoY)
17 / -58.8%
June 2022 (MoM)
29 / -75.9%
Homes for Sale
21
July 2021 (YoY)
17 / +23.5%
June 2022 (MoM)
26 / -19.2%
Total Sales
6
July 2021 (YoY)
12 / -50%
June 2022 (MoM)
18 / -66.7%
Days on Market
29
July 2021 (YoY)
19 / +52.6%
June 2022 (MoM)
20 / +45%
Months Supply
2.8
July 2021 (YoY)
1.9 / +47.4%
June 2022 (MoM)
3.2 / -12.5%
% of List Price
99.5%
July 2021 (YoY)
101.2% / -1.7%
June 2022 (MoM)
103.1% / -3.5%
Fenelon Falls in-town saw a slower month of sales in July, posting 6 sales, compared to last month with 18 and last July with 12. The average sales price of $737,871, but it took sellers longer to sell. The average days on market grew to 29, a big jump from last month and the year prior. Due to the fact only 7 new listings were added in the market and 6 sales were posted, months supply decreased month over month from 3.2. However, we are seeing a positive sign from the lack of inventory we saw last July when we only averaged 1.9 months. On average, sellers and buyers came to agreement on the listing price, with the average percentage of list price in at 99.5%, down from last month when sellers were seeing 103.1% on average.
Average Sales Price
$734,917
July 2021 – $613,504 / +19.8%
June 2022 – $762,500 / -3.6%
Bobcaygeon Real Estate
New Listings
17
July 2021 (YoY)
11 / +54.5%
June 2022 (MoM)
17 / 0%
Homes for Sale
24
July 2021 (YoY)
15 / +60%
June 2022 (MoM)
18 / +33.3%
Total Sales
6
July 2021 (YoY)
11 / -45.5%
June 2022 (MoM)
11 / -45.5%
Days on Market
29
July 2021 (YoY)
38 / -23.6%
June 2022 (MoM)
17 / +70.6%
Months Supply
3.2
July 2021 (YoY)
1.2 / +166.7%
June 2022 (MoM)
2.3 / +39.1%
% of List Price
96.4%
July 2021 (YoY)
98.9% / -2.5%
June 2022 (MoM)
99.4% / -3%
Bobcaygeon real estate saw a steady increase of new listings in July, matching what it saw in June with 17 listings. On average, sellers lost 3.6% on sale price month over month but remained strong compared to July 2021 holding a 19.8% increase. Months supply is increasing month over month giving buyers options, and with options comes a longer period for sellers to sell their property, coming in 70.6% higher month over month at 29 days on market. If we continue to see steady increases in inventory and a busier fall market, it will be interesting to see if average sales price remains strong year over year with minimal decreases month over month.
Kawartha Lakes Waterfront Trends
Average Sales Price
$2,693,333
July 2021 – $1,131,150 / +138.1%
June 2022 – No Sales
Balsam Lake Real Estate
New Listings
3
July 2021 (YoY)
3 / 0%
June 2022 (MoM)
10 / -70%
Homes for Sale
10
July 2021 (YoY)
4 / +150%
June 2022 (MoM)
14 / -28.6%
Total Sales
3
July 2021 (YoY)
2 / +50%
June 2022 (MoM)
No Sales
Days on Market
45
July 2021 (YoY)
10 / +350%
June 2022 (MoM)
53 / -15.1%
Months Supply
3.8
July 2021 (YoY)
1.6 / +137.5%
June 2022 (MoM)
5.5 / -30.9%
% of List Price
94.8%
July 2021 (YoY)
108.6% / -12.7%
June 2022 (MoM)
No Sales
Balsam Lake’s activity has been slow so far this summer, posting only 3 sales since May of this year. With a total of 10 properties available, it’s days on market dipped slightly at 45 days compared June when the average was 53 days. This is most likely attributed to higher priced listings that have a smaller pool of eligible buyers.
Average Sales Price
$1,250,000
July 2021 – $1,386,500 / -9.8%
June 2022 – No Sales
Cameron Lake Real Estate
New Listings
2
July 2021 (YoY)
2 / 0%
June 2022 (MoM)
4 / -50%
Homes for Sale
4
July 2021 (YoY)
5 / -20%
June 2022 (MoM)
4 / 0%
Total Sales
1
July 2021 (YoY)
No Sales
June 2022 (MoM)
No Sales
Days on Market
13
July 2021 (YoY)
No Sales
June 2022 (MoM)
No Sales
Months Supply
4.0
July 2021 (YoY)
2.8 / +42.9%
June 2022 (MoM)
No Sales
% of List Price
98%
July 2021 (YoY)
No Sales
June 2022 (MoM)
No Sales
Cameron Lake continues to see very few properties being listed in the summer, with only 1 sale being recorded in July from a very small pool of 4 properties to choose from. When properties do get listed, they are not lasting with an average days on market of just 13 days, a considerable difference compared to its neighboring lakes. As summer comes to an end, it will be interesting to see whether more sellers decide to test the market.
Average Sales Price
$938,429
July 2021 – $1,061,571 / -11.6%
June 2022 – $1,118,580 / -16.1%
Sturgeon Lake Real Estate
New Listings
17
July 2021 (YoY)
11 / +54.5%
June 2022 (MoM)
21 / -19%
Homes for Sale
31
July 2021 (YoY)
10 / +210%
June 2022 (MoM)
28 / +10.7%
Total Sales
7
July 2021 (YoY)
7 / 0%
June 2022 (MoM)
12 / -41.7%
Days on Market
37
July 2021 (YoY)
22 / +68.18%
June 2022 (MoM)
15 / +146.7%
Months Supply
5.1
July 2021 (YoY)
1.4 / +264.3%
June 2022 (MoM)
4.6 / +10.9%
% of List Price
93.8%
July 2021 (YoY)
103.3% / -9.2%
June 2022 (MoM)
101.3% / -7.4%
Sturgeon Lake has by far been Kawartha’s busiest of the three big lakes this summer, posting 31 waterfront properties for sale. It has the highest supply too with 5.1 months of inventory on hand. With Balsam and Cameron Lake properties coming in at more luxurious price ranges, Sturgeon Lake’s activity may be due to its lower average sales price coming in under $1,000,000 since March 2021.
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