We hope everyone is enjoying their pumpkin spice lattes and all the fall colours! The housing market is still heavily affected by high interest rates which are bringing the property values down. This is a needed adjustment after the incredibly unsustainable pricing we saw earlier in the year.

A positive of this situation is that conditional purchases are back, bringing a more balanced market and making it a safer environment for Buyers. For Sellers, the longer days on market can be frustrating, as the average is over 20 days and in some cases, stretching months. However, with the right pricing strategy and some pre-listing preparation, this can usually be mitigated.

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 September 2022

 

Year-Over-Year Summary

The September 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-overyear decrease in the number of units sold and average sale price and an increase in new listings and months of inventory.

498 units were sold this month in Simcoe County, that’s 32.5% less than the same time last year. The average price of residential units sold was $768,221 which was 4.5% less than that of September 2021.

179 residential units were sold during September 2022 within Barrie. This was 22.2% less than the number of units sold during September 2021. This decline was less than that of total Simcoe County (-32.5%).

The average price of residential Barrie units sold during September 2022 was $735,064—5.8% less than the average price of units sold during September 2021. Sales in Barrie accounted for 35.9% 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 37.1% and 31.4% higher in Simcoe County and Barrie respectively compared to this time last year.

Month-Over-Month Summary

The September 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 an increase in average sale price and new listings in Simcoe County.

498 residential units were sold in Simcoe County last month—a 4.8% decrease from August 2022. During the same time a year ago (September 2021 to August 2021), there was an 0.1% decrease in the number of units sold.

The average price of residential units sold last month in Simcoe County was $768,221—a 2.6% increase from August 2022. Despite this slight increase, the average sale price in Simcoe County is still down 24.0% since peaking in February 2022 at $1,010,784. The month-over-month change in average price a year ago was an increase of 0.5%.

179 units were sold last month within the City of Barrie, which was 8.5% more than the number of units sold the month prior. A year ago, the number of units sold between September and August increased by 12.7%.

The average price of units sold within Barrie during September 2022 was $735,064. This was 3.4% more than the average price during September 2022. Like Simcoe County, despite this increase, average sale price is down by 23.7% since February 2022. In comparison, the average price of units sold between September 2021 and August 2021 increased 4.2%.

New listings are holding up remarkably well, a good sign that sellers have not fled the market and are continuing to list their properties. Overall supply levels continue to increase from record lows, providing buyers with more selection within the region than experienced over the last 2-3 years.

Year-to-Date Summary

5,211 residential units were sold in Simcoe County during September 2022 Year-to-Date (YTD) (January 1st, 2022 – September 30th, 2022). This was 35.9% less than what was sold during the same timeframe last year (January 1st, 2021 – September 30th, 2021).

The average price of residential units sold during August 2022 YTD was $889,570. This was 14.3% greater than the average price during the same timeframe a year ago.

1,714 units were sold in the City of Barrie during September 2022 YTD. This was a 37.0% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (-35.9%).

The average price of units sold within the City of Barrie during September 2022 YTD was $853,715. This was 16.8% more than the same timeframe last year. This growth was slightly more than what was seen in the total Simcoe Region (+14.3%).

Quarter 3 2022 Summary

July 1st – September 30th 1,463 residential units were sold in Simcoe County during Q3 2022 (July 1st, 2022 – September 30th, 2022). This was 36.4% less than what was sold during the same timeframe last year (July 1st, 2021 – September 30th, 2021).

The average price of residential units sold during Q3 2022 was $765,173. This was 3.5% less than the average price during the same timeframe a year ago.

There were 3,921 new listings in Simcoe County during Q3 2022. This was 37.0% greater than the number of new listings during Q3 2021.

476 units were sold in the City of Barrie during Q3 2022. This was a 31.4% decline from the same timeframe last year. This decline was slightly less than what was seen in the total Simcoe Region (-36.4%). The City of Barrie accounted for 32.5% of overall sales in Simcoe County during Q3 2022.

The average price of units sold within the City of Barrie during Q3 was $737,941. This was 1.9% less than the same timeframe last year. This decline was slightly less than what was seen in the total Simcoe Region (-3.5%).

There were 1,081 new listings in the City of Barrie during Q3 2022 which was 36.0% greater than the number of new listings during Q3 2021.

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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