BDAR chairman said of Simcoe County's real estate market, “Although sales declined slightly, prices remained stable and buyers enjoyed increased choice, supported by a surge in new listings.”
Consider it stable.
At least, that's how the Barrie District Association of Realtors (BDAR) defines the local real estate market after releasing its latest monthly statistics. A total of 699 homes were sold in Simcoe County in April, a “modest decrease” of 8.2% compared to the same month in 2023, the group said.
The average sale price of a home in the county was $859,161 last month, down 1.4% from April 2023.
BDAR Chairman Lindsey Percy said: “Although sales were down slightly year-over-year, supported by a surge in new listings, prices remained stable and buyers enjoyed increased choice.” “Looking ahead, we expect lower borrowing costs to allow more buyers to enter the market from the second half of this year into 2025, driving tighter market conditions and higher sales prices.”
Despite some fluctuations, Percy said the local market continues to offer opportunities for both buyers and sellers.
The number of new listings last month reached 2,041, almost unchanged from April 2023. However, the number of active listings “surgled” by 52.1% compared to the previous year. And months of inventory availability, a key indicator of market balance, increased by 65.6 percent from last month to April 2023, BDAR said.
Bradford in particular saw 55 sales last month with an average price of $1.15 million, down 20.3 percent and 1.9 percent, respectively, compared to April 2023. However, new listings (129), active listings (135), and months of inventory (2.5) all increased significantly, reaching year-over-year growth rates of 57.3 percent, 107.7 percent, and 160.6 percent. .
Meanwhile, 65 homes were sold in Innisfil last month, down 12.2% from the same month last year. However, the average price reached $923,240, an increase of nearly 3% from the previous year. It was also noted that the number of new listings was 205 (down 1.9% from April 2023), the number of active listings was 309 (up 40.5%), and available inventory was 4.8 months (up 59.9%). worth it.
The situation for the other three municipalities in BDAR's service area last month was as follows:
- barry — Overall, 211 homes were sold in April, down 11.7% from the same month last year. The average sales price last month was $766,924, up 0.7 percent from a year ago. During this period, the number of new listings decreased by 17.7% to 592 listings, but the number of active listings increased by 52.1% to 651 listings. There was 3.1 months worth of inventory left on the city's market, an increase of 72.3% from the previous year.
- Essa — 35 units sold (down 14.6 percent) for an average price of $791,747 (down 0.8 percent). Although the number of new listings decreased by approximately 4% to 73, the number of active listings increased by 72.9% to 83, and the inventory was 2.4 months, an increase of 102.6% from April 2023.
- Orillia — 37 units sold (up 54.2%) for an average of $666,768 (down 3.4%). The number of new listings decreased by 2.3% to 86, the number of active listings increased by 55.1% to 121, and there were 3.3 months of available inventory, an increase of 0.6% from April 2023.
Statistics released earlier this week by the Canadian Real Estate Association (CREA) show that Ontario home prices remained stable in April, continuing the trend seen in March, when prices ended a five-month decline.
On a year-over-year basis, the average single-family home in the state sold for $950,800 last month, up 1.8% from $934,300 in April 2023.
This number is seasonally adjusted and does not take into account inflation.
Inflation rates hover between 3.4 and 3.7 percent, depending on the measure chosen.
“While April 2023 was characterized by a sharp increase in buyers with new properties re-entering the market at 20-year low prices, this spring has so far been the opposite, with fewer properties to choose from. was healthier, but demand-side enthusiasm was lower,'' said Sean Cathcart, senior economist at CREA.
Statewide, condo prices were largely unchanged year-over-year, up nearly 0.1%, while townhouse prices were up 1.8%, similar to single-family homes.
“After a long hibernation, the spring market has now officially begun,” said CREA Chairman James Mabey. “While mortgage rates remain high and the market remains difficult for many to enter, “It's difficult for those who can do it.” For the first time in a while, you can take your time shopping and use your bargaining power at the spring market. ”
BDAR represents more than 1,600 real estate agents in the Barry and Simcoe County areas. For more information, visit bdar.ca.
Explore your area using the interactive chart below.
— With files from Patrick Kane
