Simcoe County Real Estate Market Update May 2022

The trend of low sales volume continued in May, seeing a significant drop year-over-year. We had a record high number of new listings hitting the market, providing more options for buyers. Pricing has continued to stay high, however, we are seeing listing prices trend downward signalling a shift towards a more balanced market. The recent rises in interest rates and those rate hikes to come are likely to bring pricing down and reduce sales volume.

*The full market stats are below the inforgraphic

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Simcoe County Monthly Residential Report May 2022

Year-Over-Year Summary

The May 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 an increase in new listings and average sale price.

647 units were sold this month in Simcoe County, that’s 39.2% less than the same time last year. The average price of residential units sold was $903,460 which was 13.1% greater than that of May 2021.

202 residential units were sold during May 2022 within Barrie. This was 45.0% less than the number of units sold during May 2021. This decline was slightly more than that of total Simcoe County (-39.2%).

The average price of residential Barrie units sold during May 2022 was $841,040—13.1% greater than the average price of units sold during May 2021. Sales in Barrie accounted for 31.2% of residential sales in Simcoe County last month.

Much needed supply has hit the market with a record high of 1,757 new listings last month in Simcoe County. With over 1,500 active listings in the region, months of inventory has increased from 0.8 in May 2021 to 2.4 last month. This appears to be an indication of restoring balance to the market, and we might begin seeing previously sidelined buyers return to the market.

Month-Over-Month Summary

The May 2022 sales recorded through the MLS® System for the Barrie and District Association of REALTORS® (BDAR) showed a month-over-month decrease in the number of units sold and average sale price and an increase in new listings in Simcoe County.

647 residential units were sold in Simcoe County last month—a 4.9% decrease from April 2022. During the same time a year ago (May 2021 to April 2021), there was an 10.1% decrease in the number of units sold.

The average price of residential units sold last month in Simcoe County was $903,460—a 0.4% decrease from April 2022. The month-over-month change in average price a year ago was an increase of 3.0%.

202 units were sold last month within the City of Barrie, which was 1.0% less than the number of units sold the month prior. A year ago, the number of units sold between May and April decreased by 0.8%.

The average price of units sold within Barrie during May 2022 was $841,040. This was 5.9% less than the average price during April 2022. In comparison, the average price of units sold between May 2021 and April 2021 increased 2.3%.

 

Year-to-Date Summary

3237 residential units were sold in Simcoe County during May 2022 Year-to-Date (YTD) (January 1st, 2022 – May 31st, 2022). This was 33.6% less than what was sold during the same timeframe last year (January 1st, 2021 – May 31st, 2021).

The average price of residential units sold during May 2022 YTD was $954,133. This was 24.4% greater than the average price during the same timeframe a year ago.

1085 units were sold in the City of Barrie during May 2022 YTD. This was a 37.5% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (- 33.6%).

The average price of units sold within the City of Barrie during May 2022 YTD was $915,608. This was 27.2% more than the same timeframe last year. This growth was slightly more than what was seen in the total Simcoe Region (+24.4%).

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 1,500 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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