Real Estate Market Update February 2021 | The Fournier Experience Real Estate Team

The latest Simcoe County Real Estate Market Update has been released by the Barrie & District Association of Realtors and for those of you currently house hunting, the results will come as no surprise! Inventory continues to be incredibly low for the amount of demand in Simcoe County and multiple offers are the norm on many listings throughout the region. What may come as a surprise is the incredible increase of median sales prices year-over-year with a single family home now (February 2021) sitting at an average price of $767,444, a %34 increase over February 2020.

Continue reading below to learn more about what’s happening in the real estate markets across Simcoe County

“Buyer activity, in the form of showing activity and pending sales, continued to be robust in February, leading to many multiple offer situations as housing supply continues to remain severely constrained in most segments. This imbalance of prospective buyers to available homes for sale will continue to support multiple offers and, with it, higher home sales prices, as we go into the typically busy spring market.

New Listings increased 40.9 percent for Single Family homes and 67.8 percent for Townhouse/Condo homes. Sales increased 49.1 percent for Single Family homes and 34.9 percent for Townhouse/Condo homes. Inventory decreased 52.5 percent for Single Family homes and 23.3 percent for Townhouse/Condo homes.

Median Sales Price increased 37.2 percent to $760,050 for Single Family homes and 41.3 percent to $575,000 for Townhouse/Condo homes. Days on Market decreased 75.8 percent for Single Family homes and 56.7 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 61.1 percent for Single Family homes and 38.5 percent for Townhouse/Condo homes.

New construction home prices are being affected by both the demand by homebuyers and by higher costs to build. With lumber prices pushing new record highs in February and many other building materials prices higher as well, the cost of building a new home has risen significantly in the last year, forcing builders to pass many of those costs along to buyers. With the demand for lumber expected to remain high in coming months, elevated lumber prices are unlikely to disappear anytime soon.”

 

Real Estate Market Update February 2021 | The Fournier Experience Real Estate Team

 

The February 2021 sales information is in, and residential property sales recorded through the Matrix™ System for the Barrie and District Association of REALTORS® (BDAR) region showed a strong year-over-year growth of both number of sales and average price of homes sold. There was also a strong month-over-month growth in number of units sold. This is in part due to seasonality, but the month-over-month sales activity growth within Barrie significantly outpaced the same growth between February 2020 and January 2020.

The Housing Price Index (HPI) showed a month-over-month increase of 7.6% from January 2021.

 

Month-Over-Month (February 2021 vs January 2021) – Residential Homes

Simcoe County

835 residential units were sold in Simcoe County last month—a 78.0% increase from January 2021. During the same time a year ago (January 2020 to February 2020), there was a 62.2% increase in the number of units sold.

The average price of residential units sold last month was $744,944—a 0.6% increase from January 2021. This increase was less than the month-over-month change in average price a year ago which increased 4.8% from January to February

City of Barrie

345 units were sold last month within the City of Barrie, which was 117.0% more than the number of units sold the month prior. A year ago, the number of units sold between February and January increased 76.9%.

The average price of units sold within Barrie during February 2021 was $709,987. This was 2.8% greater than the average price during January 2021. In comparison, the average price of units sold between February 2020 and January 2020 increased 2.3%.

City of Barrie – Apartments & Condos

46 apartment and condo units were sold in Barrie last month—53.3% more than the number of units sold in January 2021. The average price of apartment and condo units sold in the City of Barrie this month was $465,292—1.5% more than the average price in January 2021.

Simcoe County Excluding Barrie

In Simcoe County Excluding Barrie last month, 490 units were sold. This was 58.1% more than the number of units sold during January 2021. At the same time a year ago, there was a 54.7% increase in the number of units sold outside of Barrie.

The average price of units sold in the areas outside of Barrie last month was $769,557. This was 0.5% more than the month before. Between February 2020 and January 2020, the average price of units sold outside of Barrie increased 6.3%.

Innisfil

58 residential units were sold in Innisfil last month—a 45.0% increase from January 2021. During the same period a year ago (January 2020 to February 2020), there was a 209.5% increase in the number of units sold. The average price of residential units sold in Innisfil last month was approximately $874,429— a 10.3% increase from January 2021. This contrasted the growth from last year when the average price decreased 23.1% from January to February.

Orillia

69 residential units were sold in Orillia last month—a 72.5% increase from January 2021. During the same period a year ago (January 2020 to February 2020), there was a 44.1% increase in the number of units sold. The average price of residential units sold in Orillia last month was approximately $619,435—a 14.2% increase from January 2021. The average price a year ago increased 7.8% from January to February.

Essa

In Essa last month, 40 residential units were sold. This was 73.9% more than last month. During the same period a year ago, there was a 60.0% increase in the number of units sold. The average price of residential units sold in Essa last month was $771,033 – a 2.6% decrease from January 2021. This time last year, the average price increased 1.4% from January 2020 to February 2020.

 

Year-To-Date (YTD) (February 2021 YTD vs February 2020 YTD) – All Residential Homes

Simcoe County

1304 residential units were sold in Simcoe County during February 2021 Year-To-Date (YTD) (January 1st, 2021 – February 28th, 2021). This was 29.5% more than what was sold during the same timeframe last year (January 1st, 2020 – February 29th, 2020). The average price of residential units sold during February 2021 YTD was $743,238. This was 41.9% greater than the average price during the same timeframe last year.

City of Barrie

504 units were sold in the City of Barrie during February 2021 YTD. This was a 40.0% growth from the same timeframe last year. This growth was greater than the increase in total Simcoe County (+29.5%). The average price of units sold within the City of Barrie during February 2021 YTD was $703,843. This was 36.6% more than the same timeframe last year. This growth was less than what was seen in the total Simcoe region (+41.9%). During February 2021 YTD, Barrie accounted for 38.7% of residential properties sold. This was 2.9 share points more than the same timeframe during 2020.

City of Barrie – Apartments & Condos

76 apartment and condo units were sold in Barrie during 2021 YTD—15.2% more than the number of units sold in February 2020 YTD. The average price of apartment and condo units in the City of Barrie this year was $462,511. This was 18.2% more than the average price during the same timeframe last year.

Simcoe County Excluding Barrie

800 residential units were sold in the areas outside of Barrie during February 2021 YTD. This was 23.6% more than the number of units sold during February 2020 YTD. This growth in number of units sold was less than the growth seen in the total Simcoe region (+29.5%).

The average price of units sold during this time was $768,057. This was 45.4% greater than what was seen during February 2020 YTD. This growth was slightly greater than that of total Simcoe (+41.9%). During February 2021 YTD, Simcoe County Excluding Barrie accounted for 61.3% of residential properties sold. This was 2.9 share points less than the same timeframe during 2020.

Innisfil

98 residential units were sold in Innisfil during February 2021 YTD. This was 14.0% more than what was sold during the same timeframe last year (January 1st, 2020 – February 29th, 2020). The average price of residential units sold in February 2021 YTD was $841,108. This was 58.5% greater than the average price during the same timeframe last year. During this time, Innisfil accounted for 7.5% of sales in Simcoe County—down 1.0 share points from the same timeframe last year.

Orillia

109 residential units were sold in Orillia from the beginning of 2021 to February 28th, 2021. This was 32.9% more than what was sold during the same timeframe last year (January 1st, 2020 – February 29th, 2020). The average price of residential units sold during February 2021 YTD was $591,230. This was 49.4% greater than the average price during the same timeframe last year. During February 2021 YTD, Orillia accounted for 8.4% of sales in Simcoe County, 0.2 share points more than that of February 2020 YTD.

Essa

63 residential units were sold in Essa during February 2021 YTD. This was 6150% more than what was sold during the same timeframe last year (January 1st, 2020 – February 29th, 2020). The average price of residential units sold in February 2021 YTD was $778,660. This was 33.3% greater than the average price during the same timeframe last year. During this time, Innisfil accounted for 4.8% of sales in Simcoe County—up 1.0 share points from the same timeframe last year.

 

Year-Over-Year (February 2021 vs February 2020) – All Residential Homes

The Housing Price Index (HPI) showed a 33.8% year-over-year increase between February 2021 and February 2020.

Simcoe County

835 residential units were sold in Simcoe County last month—34.0% greater than the same time last year. As well, the average price of residential units sold was $744,944, which was 39.8% greater than that of February 2020.

City of Barrie

345 residential units were sold during February 2021 within Barrie. This was 50.0% more than the number of units sold during February 2020. This growth was greater than that of total Simcoe County (+34.0%).

The average price of residential Barrie units sold during February 2021 was $709,987 — 36.6% greater than the average price of units sold during February 2020. This growth was less than the average-price growth of total Simcoe County (+39.8%). Sales in Barrie accounted for 41.3% of residential sales in Simcoe County last month. This was 4.4 share points more than the same time last year.

City of Barrie – Apartments & Condos

46 apartment and condo units were sold in Barrie during February 2021 — 4.5% greater than the number of units sold in February 2020. The average price of apartment and condo units in the City of Barrie in February 2021 was $465,292. This was 18.9% more than the average price during the same time last year.

 

490 residential units were sold outside of Barrie during February 2021, and this was 24.7% more than the number of units sold during February 2020. This growth was less than the 34.0% growth seen in the total Simcoe region.

The average price of units sold in Simcoe County Excluding Barrie last month was $769,557. This was a 42.3% increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+39.8%). Residential property sales outside of Barrie accounted for 58.7% of sales in Simcoe County last month. This was 4.4 share points less than the same time last year.

Innisfil

58 residential units were sold in Innisfil during February 2021, and this was 10.8% less than the number of units sold during February 2020. This decline contrasted than the 34.0% growth seen in the total Simcoe region. The average price of units sold in Innisfil last month was approximately $874,429. This was a 76.8% increase in the average price, year-over-year. This growth was significantly greater than what was found in total Simcoe County (+39.8%). Sales in Innisfil accounted for 6.9% of sales in Simcoe County during February 2021. This was 3.5 share points less than Innisfil’s share of sales during the same time last year.

Orillia

69 residential units were sold in Orillia during February 2021, and this was 40.8% greater than the number of units sold during February 2020. This growth was greater than the 34.0% growth seen in the total Simcoe region. The average price of units sold in Orillia last month was approximately $619,435. This was a 51.8% increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+39.8%). Orillia’s sales made up 8.3% of sales in Simcoe County. This was 0.4 share points less than the same time last year.

Essa

40 residential units were sold in Essa during February 2021, and this was 66.7% more than the number of units sold during February 2020. This growth was significantly greater than the 34.0% growth seen in the total Simcoe region. The average price of units sold in Essa last month was approximately $771,033. This was a 33.2% increase in the average price, year-over-year. This growth was less than what was found in total Simcoe County (+39.8%). Sales in Essa accounted for 4.8% of sales in Simcoe County during February 2021. This was 0.0 share points more than Essa’s share of sales during the same time last year.

  1. Peggy Wilkinson says:

    Wow! We bought at the right time! September 2020. I could only imagine what our home is worth now!
    Thanks for the information.

  2. I believe the market has to drop this is ridiculous what’s going on and it can’t keep going on this way. Here’s hoping and I believe the mortgage rates are going to rise which will put a stop to the rising prices and the bidding wars going on! How are buyers supposed to keep up with what’s going on? This market is great for sellers and real estate agents making more on their commissions, what about making it possible for buyers to afford purchasing homes, this has even affected rentals! What with COVID going on I have to ask during these troubled times are there not enough people left homeless? It’s just terrible and unacceptable!!!

    • The Fournier Team says:

      Hi Rena – thanks for reaching out! We would agree with you that the market can’t keep going at the pace it’s at. As with any market, there are definitely people who benefit more than others and currently, people looking to move out of a city to a smaller town or those selling their nest egg and renting through retirement are finding the timing firmly in their favour. Buyers trying to get into the market are the most disadvantaged in the current market as competition is fierce and prices are unattainable for many. As agents, we see the direct affect this market is having on new buyers and share their frustrations as we put offer after offer on properties only to lose to a higher bidder. We’ll continue to share the data so that our clients and friends can be as educated as possible when making such an important life decision.

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