Simcoe County Real Estate Surge: September 2024 Market Trends You Need to Know

Simcoe County Real Estate Market Update – September 2024

The real estate market in Simcoe County showed continued strength in September 2024, with notable year-over-year growth in both sales activity and prices. Let’s dive into the key takeaways from the latest data.

Year-Over-Year Highlights: September 2024 vs. September 2023

• Sales: Up 11.9% to 564 transactions, a healthy rise compared to the 504 sales in September 2023.
• Average Price: Increased by 4.36%, reaching $858,422 compared to $822,574 in the same month last year.
• New Listings: A 7.92% rise in new listings, bringing 2,045 homes to the market.
• Active Listings: A substantial 29.91% increase, with 3,661 active listings, indicating more inventory for buyers.
• Months of Inventory: Rose to 6.49 months, up 16.09% year-over-year, suggesting a more balanced market with slightly more options for buyers.

The year-over-year data paints a picture of a market where buyers still have some options, but sellers continue to benefit from higher prices.

Month-Over-Month Snapshot: September 2024 vs. August 2024

• Sales: Up slightly by 0.71%, with 564 homes sold in September compared to 560 in August.
• Average Price: Showed a solid month-over-month gain of 4.15%, rising from $824,219 to $858,422.
• New Listings: A significant increase of 21.36%, indicating fresh inventory coming to market.
• Active Listings: Up 5.78% from the previous month, helping keep months of inventory stable at 6.49 months.

This month-over-month growth reflects a strong fall market, with increasing listing activity giving buyers more options and price gains showing ongoing demand.

Market Breakdown by Property Type

1. Detached Homes:

   • Sales: 431 units sold.
   • Average Price: $931,427 with a median price of $830,000.
   • New Listings: 1,532.
   • Active Listings: 2,744.

   Detached homes remain the most popular type of property, making up the majority of the sales and commanding the highest average price.

2. Semi-Detached:

   • Sales: 18 units sold.
   • Average Price: $672,328 with a median of $670,000.
   • New Listings: 62.

   Semi-detached homes continue to offer a more affordable option for buyers looking to enter the market.

3. Condo Townhouses:

   • Sales: 15 units sold.
   • Average Price: $558,260 with a median of $550,000.
   • New Listings: 69.

4. Condo Apartments:

   • Sales: 39 units sold.
   • Average Price: $510,356 with a median of $480,000.
   • New Listings: 183.

   The condo market saw healthy activity, with apartments and townhouses offering lower price points compared to detached homes.

City-Specific Trends

1. Barrie:

   • Sales: Up 4.85% year-over-year and a strong 10.19% month-over-month increase.
   • Average Price: Slight decline year-over-year (-2.25%), sitting at $737,810.

   Barrie’s market is showing resilience, with rising sales activity, though the average price dipped compared to last year.

2. Bradford West Gwillimbury:

   • Sales: Down 21.43% year-over-year, with just 22 homes sold.
   • Average Price: Relatively stable, up 0.31% year-over-year to $1,002,904.

   Bradford’s market is slower compared to other areas, with sales down significantly, though prices remain strong.

3. Clearview:

   • Sales: Down 17.65% year-over-year but jumped 133.33% month-over-month.
   • Average Price: An impressive 34.05% year-over-year increase to $1,237,500.

   Clearview saw a surge in prices, driven by higher-end home sales, while sales activity picked up significantly from August.

4. Innisfil:

   • Sales: Increased by 9.80% year-over-year, although down 11.11% month-over-month.
   • Average Price: Rose by 6.14% year-over-year to $972,005.

   Innisfil remains a popular choice for buyers, with strong price growth continuing in September.

5. Orillia:

   • Sales: Jumped 21.21% year-over-year and 17.65% month-over-month.
   • Average Price: Rose 4.44% year-over-year to $731,409.

   Orillia experienced solid sales and price growth, reflecting steady demand.

Final Thoughts

The Simcoe County market remains competitive, with both buyers and sellers benefiting from increased activity. The continued rise in average prices and new listings suggests a robust fall market, with healthy inventory levels and strong demand driving price appreciation. As we head deeper into the fall, this balanced dynamic presents opportunities for both buyers and sellers, with more listings coming to market and prices still on the rise.

If you’re thinking about buying or selling in Simcoe County, now could be a great time to make your move. Connect with the Parker Coulter Team to explore your options in this dynamic market.