Simcoe County Real Estate Market Report: August 2024

The Simcoe County real estate market in August 2024 presents a mixed bag of trends, offering insights into the shifts within the housing market when compared year-over-year (August 2023) and month-over-month (July 2024). Let’s dive into the details and break down the key statistics.

Year-Over-Year Comparison (August 2024 vs. August 2023)

• Sales Volume: The total number of homes sold in August 2024 dipped slightly by 2.93% compared to the same time last year, with 564 homes sold versus 581 in August 2023.
• Average Price: Despite a decrease in sales, the average home price increased by 1.15%, reaching $837,825. This suggests that while fewer homes are changing hands, those that are selling continue to hold or gain value.
• New Listings: New listings rose by 5.38%, with 1,685 new properties hitting the market, signaling continued confidence among sellers.
• Active Listings: Active listings soared by 35.25%, totaling 3,461 homes on the market. This influx of inventory gives buyers more options, though it also hints at a slower absorption rate.
• Months of Inventory: With a 39.32% increase, the months of inventory now sit at 6.14, up from 4.40 in August 2023. A higher inventory level suggests the market is tilting more in favor of buyers.

Month-Over-Month Comparison (August 2024 vs. July 2024)

• Sales Volume: There was a 6.31% decline in home sales compared to July 2024, indicating a cooling in market activity as summer draws to a close.
• Average Price: The average price also experienced a modest decline of 1.84% month-over-month, dropping from $853,489 in July to $837,825 in August.
• New Listings: New listings decreased significantly by 10.61%, down from 1,885 in July to 1,685 in August.
• Active Listings: Active listings remained relatively stable, with only a 0.92% drop from July’s figures.
• Months of Inventory: The months of inventory increased slightly by 5.76%, reflecting a slower sales pace.

Market Breakdown by Home Type (August 2024)

• Detached Homes: Detached homes saw 414 sales with an average price of $913,646, maintaining a strong presence in the market. Notably, the median price stood at $800,000, and the average days on market (LDOM) was 37, indicating stable demand for this segment.
• Semi-Detached Homes: Only 17 semi-detached homes were sold, with an average price of $697,812. The median price came in just below the average at $692,500, with properties selling in a quicker-than-average time frame of 20 days on market.
• Condo Townhouses & Apartments: Condo townhouses had 19 sales with an average price of $555,042, while condo apartments posted an average price of $542,329 across 46 sales. Both types of condos continue to be attractive options for more affordable urban living, though they tend to stay on the market longer, with 53 and 56 days on market, respectively.
• Att/Row/Townhouses: Townhomes remain a popular choice with 58 sales at an average price of $684,454, reflecting strong demand with minimal discounts, as evidenced by a high list-to-sale price ratio of 99%.

Key Regional Highlights

Barrie

Barrie saw a significant 16.40% year-over-year drop in sales, with only 158 homes sold compared to 189 last year. Despite this, the average price edged up by 1.47%, reaching $731,191. However, month-over-month, Barrie’s housing market experienced a sharp 3.90% price decrease, reflecting a softer demand during the summer months.

Bradford West Gwillimbury

Bradford West Gwillimbury experienced a remarkable 55% increase in sales year-over-year, though the average price dropped by 6.72%, coming in at $1,026,242. With fewer new listings, down by 13.08%, inventory is tightening.

Innisfil

Innisfil posted strong sales growth with a 16.67% year-over-year increase. Prices also grew, with an average home price of $930,056, up 1.25% from August 2023. Notably, the average price surged by 9.16% month-over-month, signaling increasing demand in this region.

Final Thoughts

The Simcoe County real estate market in August 2024 shows a mix of stability in home prices and rising inventory, offering both opportunities and challenges for buyers and sellers. With more homes on the market and sales slowing in some areas, this could be the perfect time to list your property and stand out to motivated buyers. Sellers, in particular, can take advantage of the increase in new listings and active inventory by pricing their homes competitively and marketing them strategically.

For those considering selling, working with The Parker Coulter Team can provide a significant advantage. Offering a professional, full-service real estate experience for just 1%, the Parker Coulter Team brings expert market knowledge, exceptional service, and skilled negotiation to help you get the most value from your sale. Whether you're selling a detached home or a condo townhouse, our team has the insights and marketing power to ensure your property sells quickly and for top dollar.

In a shifting market like this, partnering with The Parker Coulter Team can make all the difference. Don’t leave your biggest asset to chance—list with a team you can trust to deliver results, and take advantage of our 1% listing commission to maximize your return!