Simcoe County Real Estate Market Update December 2022
We’re well into January, which means the December market update is here, along with a summary of the last quarter of 2022! As many predicted, the interest rate hikes throughout 2022 had a substantial impact on volume (purchases and sales of homes) in December, resulting in an almost 40% drop in volume from December 2021. Similarly, average home prices dropped nearly 8% below December 2021. Barrie specifically felt the after effects of these rate hikes with a nearly 50% drop in volume for December and an average price 17.1% lower than December 2021.
Buyers, however, have their pick of properties as the the number of new listings were 10.8% higher in Simcoe County compared to this time last year. For those in a position to move or invest, this does provide a unique opportunity for selection and negotiation.
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 December 2022.
Simcoe County Real Estate Market Update Residential Report
December 2022 and Q4 2022
Year-Over-Year Summary
The December 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.
243 units were sold this month in Simcoe County, that’s 39.4% less than the same time last year. The average price of residential units sold was $801,017 which was 7.9% less than that of December 2021.
69 residential units were sold during December 2022 within Barrie. This was 49.3% less than the number of units sold during December 2021. This decline was more than that of total Simcoe County (-39.4%).
The average price of residential Barrie units sold during December 2022 was $708,000—17.1% less than the average price of units sold during December 2021. Sales in Barrie accounted for 28.4% 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 10.8% higher and 6.3% lower in Simcoe County and Barrie respectively compared to this time last year.
Simcoe County Real Estate Monthly Update Month-Over-Month Summary
The December 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 new listings and an increase in average sale price and new listings in Simcoe County.
243 residential units were sold in Simcoe County last month—a 42.1% decrease from November 2022. During the same time a year ago (December 2021 to November 2021), there was a 36.1% decrease in the number of units sold.
The average price of residential units sold last month in Simcoe County was $801,017—a 6.8% increase from November 2022. The month-over-month change in average price a year ago was an increase of 3.4%.
69 units were sold last month within the City of Barrie, which was 47.7% less than the number of units sold the month prior. A year ago, the number of units sold between December and November decreased by 32.3%.
The average price of units sold within Barrie during December 2022 was $708,000. This was 0.7% more than the average price during December 2022. In comparison, the average price of units sold between December 2021 and November 2021 increased 2.5%.
Although monthly sales are still trending well below year-ago levels and the general average for this time of year, the momentum heading into 2023 is much better than it was half a year ago when the market bottomed out. We are moving towards a return to more normal levels as the market rebalances between supply and demand and continues to adjust pricewise to higher interest rates.
Year-to-Date Summary
6,381 residential units were sold in Simcoe County during December 2022 Year-to-Date (YTD) (January 1st, 2022 – December 31st, 2022). This was 35.3% less than what was sold during the same timeframe last year (January 1st, 2021 – December 31st, 2021).
The average price of residential units sold during December 2022 YTD was $868,179. This was 9.9% greater than the average price during the same timeframe a year ago.
2,077 units were sold in the City of Barrie during December 2022 YTD. This was a 36.7% 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 December 2022 YTD was $830,113. This was 11.5% more than the same timeframe last year. This growth was slightly more than what was seen in the total Simcoe Region (+9.9%).
Quarter 4 2022 Summary October 1st – December 31st
1,167 residential units were sold in Simcoe County during Q4 2022 (October 1st, 2022 – December 31st, 2022). This was 32.9% less than what was sold during the same timeframe last year (October 1st, 2021 – December 31st, 2021).
The average price of residential units sold during Q4 2022 was $722,088. This was 8.5% less than the average price during the same timeframe a year ago.
There were 2263 new listings in Simcoe County during Q4 2022. This was 23.9% greater than the number of new listings during Q4 2021.
365 units were sold in the City of Barrie during Q4 2022. This was a 34.8% decline from the same timeframe last year. This decline was slightly more than what was seen in the total Simcoe Region (-32.9%). The City of Barrie accounted for 31.3% of overall sales in Simcoe County during Q4 2022.
The average price of units sold within the City of Barrie during Q4 was $718,015. This was -11.4% less than the same timeframe last year. This decline was slightly more than what was seen in the total Simcoe Region (-8.5%).
There were 597 new listings in the City of Barrie during Q4 2022 which was 4.4% greater than the number of new listings during Q4 2021.
