Spring has sprung in Simcoe County and with any luck we are done with snow (although that may be optimistic)! Housing has been a hot topic as of late with the tabling of the new Federal budget, as well as warnings of interest rate hikes to come. Inventory in March was up from February, bringing more options to Buyers and tempering the average home price slightly. With added inventory, on the ground we’ve seen fewer multiple offers, more price reductions and longer days on market before a property sells. The next few months may herald a shift in the market, but just how big a shift is still up for debate.
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 Monthly Residential Report March 2022
The March 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.
829 units were sold this month in Simcoe County, that’s 37.4% less than the same time last year. The average price of residential units sold was $977,077 which was 29.1% greater than that of March 2021.
271 residential units were sold during March 2022 within Barrie. This was 45.5% less than the number of units sold during March 2021. This decline was more than that of total Simcoe County (-37.4%).
The average price of residential Barrie units sold during March 2022 was $929,089—30.0% greater than the average price of units sold during March 2021. Sales in Barrie accounted for 32.7% of residential sales in Simcoe County last month.
Home sales were down considerably from last year’s unprecedented March record but still came in well above typical levels for this time of year. Active listings are on the rise with just over 800 units for the whole region. The market is still experiencing some of the tightest conditions in history but there’s a bit more breathing room as demonstrated in the increased months of inventory in March from 0.4 in 2021 to 1.0 in 2022 for Simcoe County.
The March 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.
829 residential units were sold in Simcoe County last month—a 26.2% increase from February 2022. During the same time a year ago (February 2021 to March 2021), there was an 58.3% increase in the number of units sold.
The average price of residential units sold last month in Simcoe County was $977,077—a 2.6% decrease from February 2022. The month-over-month change in average price a year ago was an increase of 1.6%.
271 units were sold last month within the City of Barrie, which was 4.6% more than the number of units sold the month prior. A year ago, the number of units sold between March and February increased 44.9%.
The average price of units sold within Barrie during March 2022 was $929,089. This was 3.6% less than the average price during February 2022. In comparison, the average price of units sold between March 2021 and February 2021 increased 0.9%.
There was a large increase in new listings last month which prevents a further decline in overall inventory. New listings were up 60.2% in Simcoe County and 65.9% in Barrie from February 2022.
Year-to-Date Summary – Quarter 1 2022
1913 residential units were sold in Simcoe County during March 2022 Year-to-Date (YTD) (January 1st, 2022 – March 31st, 2022). This was 27.3% less than what was sold during the same timeframe last year (January 1st, 2021 – March 31st, 2021).
The average price of residential units sold during March 2022 YTD was $987,251. This was 31.6% greater than the average price during the same timeframe a year ago.
681 units were sold in the City of Barrie during March 2022 YTD. This was a 31.9% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (-27.3%).
The average price of units sold within the City of Barrie during March 2022 YTD was $943,810. This was 33.1% more than the same timeframe last year. This growth was slightly more than what was seen in the total Simcoe Region (+31.6%).