From our conversations with many of you, the Bank of Canada’s most recent rate hike of 75 basis points has been an area of concern and we are definitely seeing that play out in the real estate market. The sales volume is down nearly 30% compared to last August, and the average price is slightly lower as well. We are seeing a larger amount of inventory and longer days on market for listings, giving Buyers more choice and flexibility with offers, as including conditions is common practice once again.
If you are contemplating a move, it’s important to chat about the nuances of the market when considering a move. Reach out to us with all your real estate market questions. As always, you’ll get honest, straight-up answers!
Simcoe County Monthly Residential Report August 2022
The August 2022 sales information is in, and residential property sales recorded through the MLS® System for the Barrie and District Association of REALTORS® (BDAR) region showed an overall year-over-year decrease in the number of units sold and average sale price and an increase in new listings months of inventory.
522 units were sold this month in Simcoe County, that’s 29.4% less than the same time last year. The average price of residential units sold was $747,966 which was 6.6% less than that of August 2021.
165 residential units were sold during August 2022 within Barrie. This was 19.1% less than the number of units sold during August 2021. This decline was less than that of total Simcoe County (-29.4%).
The average price of residential Barrie units sold during August 2022 was $710,675—5.0% less than the average price of units sold during August 2021. Sales in Barrie accounted for 31.6% of residential sales in Simcoe County last month.
Although higher interest rates continue to impact affordability, overall inventory of homes remains well above this time last year. In addition, August 2022 is the first month since 2019 where there was a decline in average sale price year-over-year, and the average sale price in Simcoe County has decreased 26.0% since peaking in February 2022.
The August 2022 sales recorded through the MLS® System for the Barrie and District Association of REALTORS® (BDAR) showed a month-over-month increase in the number of units sold and a decrease in average sale price and new listings in Simcoe County.
522 residential units were sold in Simcoe County last month—a 17.8% increase from July 2022. During the same time a year ago (August 2021 to July 2021), there was an 10.2% decrease in the number of units sold.
The average price of residential units sold last month in Simcoe County was $747,966—a 4.3% decrease from July 2022. The month-over-month change in average price a year ago was an increase of 3.2%.
165 units were sold last month within the City of Barrie, which was 24.1% more than the number of units sold the month prior. A year ago, the number of units sold between August and July decreased by 21.5%.
The average price of units sold within Barrie during August 2022 was $710,675. This was 8.5% less than the average price during July 2022. In comparison, the average price of units sold between August 2021 and July 2021 increased 2.5%.
While months of inventory has decreased slightly from last month, it’s important to note that new listing activity is typically low during this time of year and is expected to rise over the next few weeks as we enter the back-to-school and post-Labour Day season.
4712 residential units were sold in Simcoe County during August 2022 Year-to-Date (YTD) (January 1st, 2022 – August 31st, 2022). This was 36.2% less than what was sold during the same timeframe last year (January 1st, 2021 – August 31st, 2021).
The average price of residential units sold during August 2022 YTD was $901,688. This was 16.2% greater than the average price during the same timeframe a year ago.
1535 units were sold in the City of Barrie during August 2022 YTD. This was a 38.3% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (-36.2%).
The average price of units sold within the City of Barrie during August 2022 YTD was $867,737. This was 19.5% more than the same timeframe last year. This growth was slightly more than what was seen in the total Simcoe Region (+16.2%).