Summer is just around the corner and we hope you are all getting out and enjoying the beautiful weather!
We are seeing a year-over-year increase (compared to May 2022) in the number of units sold (12.3% increase) and a decline in average sale price (12.4% decrease). Similarly, we are seeing a 12.0% increase in the number of sales from April 2023. Pricing has remained steady over the last month with a 0.2% decrease from April 2023.
If you are contemplating a move, it’s important to chat about the nuances of the market. Reach out to us with all your real estate market questions. As always, you’ll get honest, straight-up answers! I hope you enjoy our Simcoe County Real Estate Market Update May 2023.
Scroll below the infographic all the statistics.
Simcoe County Monthly Residential Report May 2023
Year-Over-Year Summary
The May 2023 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 increase in the number of units sold and months of inventory and a decrease in new listings and average sale price.
719 units were sold this month in Simcoe County, that’s 12.3% more than the same time last year. The average price of residential units sold was $791,210 which was 12.4% less than the monthly average sale price in May 2022.
237 residential units were sold during May 2023 within Barrie. This was 18.5% more than the number of units sold during May 2022. This increase was more than that of total Simcoe County (+12.3%).
The average price of residential Barrie units sold during May 2023 was $769,947—8.0% less than the average price of units sold during May 2022. Sales in Barrie accounted for 33.0% of residential sales in Simcoe County last month.
Overall inventory of homes remains above this time last year within the region with 2.6 months of inventory in Simcoe County, and lower within the City of Barrie with only 1.4 months of inventory.
Month-Over-Month Summary
The May 2023 sales recorded through the MLS® System for the Barrie and District Association of REALTORS® (BDAR) showed an increase in the number of units sold and new listings, and a slight decrease in average sale price in Simcoe County compared to last month.
719 residential units were sold in Simcoe County last month—a 12.0% increase from April 2023. During the same time a year ago (May 2022 vs. April 2022), there was a 5.5% decrease in the number of units sold.
The average price of residential units sold last month in Simcoe County was $791,210—a 0.2% decrease from April 2023. The month-over-month change in average price a year ago was a decrease of 0.4%.
237 units were sold last month within the City of Barrie, which was 16.2% more than the number of units sold the month prior. A year ago, the number of units sold between May and April decreased by 0.5%
The average price of units sold within Barrie during May 2023 was $769,947. This was 1.9% more than the average price during April 2023. In comparison, the average price of units sold between May 2022 and April 2022 decreased by 6.2%.
Year-to-Date Summary
2,596 residential units were sold in Simcoe County during May 2023 Year-to-Date (YTD) (January 1st, 2023 – May 31st, 2023). This was 19.5% less than what was sold during the same timeframe last year (January 1st, 2022 – May 31st, 2022).
The average price of residential units sold during May 2023 YTD was $790,064. This was 17.3% less than the average price during the same timeframe a year ago.
860 units were sold in the City of Barrie during May 2023 YTD. This was a 20.4% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (- 19.5%).
The average price of units sold within the City of Barrie during May 2023 YTD was $745,707. This was 18.5% less than the same timeframe last year. This decline was slightly more than what was seen in the total Simcoe Region (-17.3%).
