Simcoe County Real Estate Market Analysis: June 2024

Simcoe County Overview

The Simcoe County real estate market in June 2024 experienced notable changes both year-over-year and month-over-month. Key metrics such as sales, average prices, and new listings reflect a dynamic market landscape.

Year-Over-Year Summary (June 2024 vs. June 2023)

• Sales: 627 (down 20.43% from 788)
• Average Price: $861,188 (down 2.81% from $886,107)
• New Listings: 2,029 (down 11.16% from 2,284)
• Active Listings: 3,463 (up 49.53% from 2,316)
• Months of Inventory: 5.52 (up 87.92% from 2.94)

Month-Over-Month Summary (June 2024 vs. May 2024)

• Sales: 627 (down 12.06% from 713)
• Average Price: $861,188 (up 2.21% from $842,573)
• New Listings: 2,029 (down 11.13% from 2,283)
• Active Listings: 3,463 (up 5.00% from 3,298)
• Months of Inventory: 5.52 (up 19.41% from 4.63)

The overall market trends indicate a cooling off in sales activity with a slight decrease in average prices. However, the increased number of active listings suggests a higher inventory, potentially offering more choices for buyers.

Barrie Market Highlights

In Barrie, the market displayed significant shifts with a drop in sales and new listings, while average prices remained relatively stable.

Year-Over-Year Summary (June 2024 vs. June 2023)

• Sales: 202 (down 22.31% from 260)
• Average Price: $784,145 (down 0.25% from $786,122)
• New Listings: 577 (down 19.97% from 721)
• Active Listings: 761 (up 55.62% from 489)
• Months of Inventory: 3.77 (up 100.31% from 1.88)

Month-Over-Month Summary (June 2024 vs. May 2024)

• Sales: 202 (down 16.18% from 241)
• Average Price: $784,145 (up 0.35% from $781,377)
• New Listings: 577 (down 7.53% from 624)
• Active Listings: 761 (up 4.53% from 728)
• Months of Inventory: 3.77 (up 24.72% from 3.02)

Bradford West Gwillimbury

Bradford West Gwillimbury showed an increase in sales but a decrease in average prices and new listings.

Year-Over-Year Summary (June 2024 vs. June 2023)

• Sales: 41 (up 17.14% from 35)
• Average Price: $1,066,146 (down 4.29% from $1,113,909)
• New Listings: 89 (down 25.21% from 119)
• Active Listings: 151 (up 24.79% from 121)
• Months of Inventory: 3.68 (up 6.53% from 3.46)

Month-Over-Month Summary (June 2024 vs. May 2024)

• Sales: 41 (up 10.81% from 37)
• Average Price: $1,066,146 (down 5.87% from $1,132,581)
• New Listings: 89 (down 34.07% from 135)
• Active Listings: 151 (down 7.36% from 163)
• Months of Inventory: 3.68 (down 16.40% from 4.41)

Market Segmentation Insights

Detached Homes dominate the market, with significant activity observed in both the number of sales and average prices:

• Sales: 461
• Average Price: $936,798
• Median Price: $835,000

Semi-Detached Homes experienced high sale-to-list price ratios and lower days on the market:

• Sales: 23
• Average Price: $743,209
• Median Price: $725,000
• Avg. SPLP: 101%
• Avg. LDOM: 22 days

Condo Townhouses and Condo Apartments showed steady performance with notable days on the market:

• Condo Townhouses Sales: 17
• Condo Townhouses Avg. Price: $594,000
• Avg. LDOM: 42 days
• Condo Apartments Sales: 44
• Condo Apartments Avg. Price: $578,774
• Avg. LDOM: 42 days

Conclusion

The Simcoe County real estate market in June 2024 reflects a mixed landscape. While sales have decreased compared to last year, the rise in active listings and months of inventory suggest a buyer's market with more options available. The slight increase in average prices month-over-month indicates stable demand despite the overall slowdown in sales.

For potential buyers and sellers, working with a knowledgeable REALTOR® can help navigate these market conditions effectively. With their expertise, you can ensure you make the best decisions based on current trends and data.