Simcoe County Real Estate Market Update February 2022

We’ve seen a prolonged state of low inventory in Simcoe County, leading to record prices, which you will see reflected in the market stats below. On the ground, we are starting to see a shift in Buyer sentiment, whether from uncertainty with Canada’s economy, the instability due to war or simply buyer’s hitting their threshold of price tolerance. Offer dates seem to pull fewer offers and we are seeing properties being conditionally sold, which was virtually unheard of a month or two ago. With that being said, Sellers are still poised to reap the reward of rising home prices. We do believe that both Buyers and Sellers will need to be more savvy going forward.

If you want to pick our brains about Buying or Selling tactics in this crazy market, reach out for a no-obligation call. We are happy to chat. Reach out to us HERE

Simcoe County Real Estate Market Update February 2022

 

Year-Over-Year Summary

The February 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, a decrease in new listings, and a large increase in average sale price.

657 units were sold this month in Simcoe County, that’s 21.4% less than the same time last year. The average price of residential units sold was $1,006,432, which was 34.9% greater than that of February 2021.

259 residential units were sold during February 2022 within Barrie. This was 24.5% less than the number of units sold during February 2021. This decline was more than that of total Simcoe County (-21.4%).

The average price of residential Barrie units sold during February 2022 was $963,554—36.0% greater than the average price of units sold during February 2021. Sales in Barrie accounted for 39.4% of residential sales in Simcoe County last month.

Although sales have not surpassed the unprecedented record of February 2021, sales were still trending higher than any other February in history. Active listings remain low with just over 500 units for the whole region. The demand for the Simcoe County region remains strong, overall inventories remain low and with that, prices continue to rise.

 

Year-Over-Year February 2022 vs. February 2021

 

 

Month-Over-Month Summary

The February 2022 sales recorded through the MLS® System for the Barrie and District Association of REALTORS® (BDAR) region showed a month-over-month increase in the number of units sold in Simcoe County. The City of Barrie drove this growth with an 70.4% gain in the number of units sold.

657 residential units were sold in Simcoe County last month—a 53.5% increase from January 2022. During the same time a year ago (January 2021 to February 2021), there was an 78.3% increase in the number of units sold.

The average price of residential units sold last month in Simcoe County was $1,006,432—a 2.4% increase from January 2022. This growth was slightly greater than the month-over-month change in average price a year ago (+1.0%).

259 units were sold last month within the City of Barrie, which was 70.4% more than the number of units sold the month prior. A year ago, the number of units sold between February and January increased 114.4%.

The average price of units sold within Barrie during February 2022 was $963,554. This was 2.9% more than the average price during January 2022. In comparison, the average price of units sold between February 2021 and January 2021 increased 2.5%.

There was a large increase in new listings last month which prevents a further decline in overall inventory. New listings were up 70.4% in Simcoe County and 71.7% in Barrie from January 2022.

 

Year-to-Date Summary

1085 residential units were sold in Simcoe County during February 2022 Year-to-Date (YTD) (January 1st, 2022 – February 28th, 2022). This was 16.9% less than what was sold during the same timeframe last year (January 1st, 2021 – February 28th, 2021).

The average price of residential units sold during February 2022 YTD was $997,023. This was 34.1% greater than the average price during the same timeframe a year ago.

411 units were sold in the City of Barrie during February 2022 YTD. This was a 18.3% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (-16.9%).

The average price of units sold within the City of Barrie during February 2022 YTD was $953,494. This was 35.3% more than the same timeframe last year. This growth was slightly more than what was seen in the total Simcoe Region (+34.1%).

 

Disclaimer
The prices reflected in this media release are based on homes sold via the live Barrie and District Association of REALTORS® (BDAR) Matrix™ Multiple Listing Service (MLS®) only. Statistical anomalies in average home prices, including irregularly high and/or substantially low residential sold unit prices have been evaluated and/or removed from the data sets used to calculate final averages in order to illustrate market trends with improved accuracy.
The Barrie & District Association of REALTORS®
The Barrie & District Association of REALTORS® cautions that over a period of time the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials between geographical areas. The prices reflected in this media release are based on homes sold via the live BDAR MLS® system only.
Using a Local Professional REALTOR®
“REALTOR®” is a professional designation. A REALTOR® is a licensed real estate professional belonging to local, provincial and national associations. They have completed an intensive real estate program and have the skill set, expertise and experiences that you will need when buying or selling your home. Realtors® have a network of resources available at their fingertips. They understand financing and mortgage rules, insurance and liability coverage, and all the legal details involved in real estate. As a skilled negotiator, your local BDAR Realtor® will help you get the most value when buying or selling a home.
About Home Price Index (HPI)
The MLS® Home Price Index (HPI) conducts an analysis based on prices for Benchmark properties tracked by the MLS® Home Price Index (HPI) for the overall market area served by the Barrie & District Association of REALTORS® Inc (BDAR). The MLS® HPI is the most accurate gauge for price levels and trends, which vary by neighbourhood. For more detailed information, please contact your local BDAR REALTOR®. To learn more visit https://www.crea.ca/housing-market-stats/mls-home-price-index/about-hpi/
About BDAR
The Barrie & District Association of REALTORS® (BDAR) represents over 1,400 REALTORS® in the Barrie and Simcoe County region. BDAR provides its members leadership opportunities, professional development, and other tools and services to help them deliver a high standard of services to their clients. BDAR is community‐focused and believes that community prosperity is largely based on shelter and home ownership. The Association has a strong focus on affordable housing and helping first‐time buyers understand how to get on the housing ladder. To learn more visit https://bdar.ca

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