October housing market statistics are out and we are cautiously optimistic! While Simcoe County has seen a drop in pricing and sales volume, we have not seen the staggering drops other municipalities have seen. Sales volume is down just under 30% from this time last year, and pricing is 6.8% lower. Activity is continuing to happen and those Sellers who have done their due diligence prior to listing are reaping the rewards of shorter days on market and stabilized pricing.

Scroll below the infographic for the complete market statistics.

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! I hope you enjoy our Simcoe County Real Estate Market Update.

 

Simcoe County Monthly Residential Report October 2022

Year-Over-Year Summary

The October 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 and months of inventory.

503 units were sold this month in Simcoe County, that’s 29.2% less than the same time last year. The average price of residential units sold was $775,392 which was 6.8% less than that of October 2021.

162 residential units were sold during October 2022 within Barrie. This was 27.4% less than the number of units sold during October 2021. This decline was less than that of total Simcoe County (-29.2%).

The average price of residential Barrie units sold during October 2022 was $733,808—3.8% less than the average price of units sold during October 2021. Sales in Barrie accounted for 32.2% of residential sales in Simcoe County last month.

Overall inventory of homes remains well above this time last year. The number of new listings were 29.0% and 13.4% higher in Simcoe County and Barrie respectively compared to this time last year.

 

Month-Over-Month Summary

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

503 residential units were sold in Simcoe County last month—a 0.4% increase from September 2022. During the same time a year ago (October 2021 to September 2021), there was an 3.8% decrease in the number of units sold.

The average price of residential units sold last month in Simcoe County was $775,392—a 0.8% increase from September 2022. The month-over-month change in average price a year ago was an increase of 3.5%.

162 units were sold last month within the City of Barrie, which was 9.5% less than the number of units sold the month prior. A year ago, the number of units sold between October and September decreased by 9.5%.

The average price of units sold within Barrie during October 2022 was $733,808. This was 0.2% less than the average price during October 2022. In comparison, the average price of units sold between October 2021 and September 2021 decreased by 2.3%.

Overall supply levels continue to increase from record lows providing ample choice for those buyers willing to wade back into the market. With the effects of higher interest rates still yet to be fully realized and the housing market bordering between buyer’s and balanced territory we will likely see a continued moderation in prices through the end of the year and into 2023.

 

Year-to-Date Summary

5,717 residential units were sold in Simcoe County during October 2022 Year-to-Date (YTD) (January 1st, 2022 – October 31st, 2022). This was 35.3% less than what was sold during the same timeframe last year (January 1st, 2021 – October 31st, 2021).

The average price of residential units sold during October 2022 YTD was $879,558. This was 12.4% greater than the average price during the same timeframe a year ago.

1,876 units were sold in the City of Barrie during October 2022 YTD. This was a 36.2% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (-35.3%).

The average price of units sold within the City of Barrie during October 2022 YTD was $843,361. This was 15.0% more than the same timeframe last year. This growth was slightly more than what was seen in the total Simcoe Region (+12.4%).

 

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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