October 2024 Simcoe County Real Estate Market Trends You Need to Know

The October 2024 real estate market in Simcoe County delivered a dynamic mix of steady prices, rising sales, and shifting inventory levels. With sales surging and inventory tightening in specific areas, both buyers and sellers need to stay sharp on these latest trends. Here’s what happened in October and what it means for you.

Simcoe County Market at a Glance

• Total Sales: 660 units (+45.37% year-over-year, +17.44% month-over-month)
• Average Price: $843,640 (+0.24% year-over-year, -1.72% month-over-month)
• New Listings: 1,718 (+3.62% year-over-year, -16.03% month-over-month)
• Active Listings: 3,436 (+23.55% year-over-year, -6.17% month-over-month)
• Months of Inventory: 5.21 (down from 6.13 last year and 6.52 in September)

Simcoe County saw a sharp increase in sales, up 45.37% from last year. Despite the sales boost, the average price across the county remained steady, posting only a slight 0.24% increase. New listings are down compared to September, reflecting a seasonal adjustment and possibly increased buyer competition.

Barrie Real Estate Trends

Barrie continues to attract attention, boasting 192 sales in October—a 36.17% jump year-over-year. The average home price rose 1.05% year-over-year, reaching $752,858. With homes selling at 98% of their list prices on average, Barrie remains a competitive market for buyers and sellers alike. Lower new listings month-over-month signal a potential reduction in choice for buyers as the market tightens.

Bradford West Gwillimbury Sees a Double Surge

This month, Bradford West Gwillimbury emerged as a hot market, with a remarkable 103.7% year-over-year increase in sales, accompanied by a month-over-month sales boost of 150%. Average prices here, however, have softened slightly from last year, now sitting at $1,092,894. Still, they’re up nearly 9% from September, suggesting a resilient demand amid fluctuating prices.

Innisfil Adjusts to Rising Sales and Lower Prices

Innisfil saw a notable 71.43% increase in sales over last year, while the average home price took a sharp 18.13% year-over-year dip to $850,998. Lower prices have likely stimulated demand, as seen with the month-over-month sales increase of 7.14%. Inventory is trending down, with a reduction in active listings, positioning Innisfil as a compelling option for buyers seeking attractive price points.

Oro-Medonte and Springwater Showcase Unique Trends

• Oro-Medonte: Known for its scenic landscapes, Oro-Medonte experienced a 35% rise in sales, with the average price increasing by 25.99% year-over-year to $1,259,730. New listings have decreased compared to September, contributing to a more competitive environment.
• Springwater: Sales in Springwater jumped 61.54% over last year, while average prices climbed 7.74%, reaching $1,002,405. Fewer listings month-over-month indicate Springwater could experience reduced supply, creating a more favorable environment for sellers in the coming months.

Key Takeaways for Buyers and Sellers

1. For Buyers: While prices are relatively stable across the county, fewer listings month-over-month suggest a tightening market. Areas like Innisfil and Bradford West Gwillimbury could offer favorable conditions, but be prepared for competition.
2. For Sellers: Increased buyer activity means well-priced homes are likely to attract serious interest, particularly in Barrie, Bradford, and Springwater. Properties priced competitively and staged well are still moving quickly, often at or near the list price.
3. Seasonal Adjustments: As we head into the winter months, fewer new listings are expected. This seasonal slowdown could mean that active listings may garner more attention from buyers eager to settle in before the new year.

The Simcoe County market is proving dynamic this fall, with October stats showing both stability and growth. Connect with The Parker Coulter Team for local expertise and guidance tailored to this market. Whether buying or selling, our team is here to help you navigate Simcoe County’s unique real estate landscape with confidence.