Simcoe County Real Estate Market Update – November 2024: Trends, Insights, and Shifting Dynamics

The real estate market in Simcoe County showed notable fluctuations in November 2024, with some key shifts compared to both October 2024 and November 2023. As the year winds down, it’s clear that the market continues to evolve, reflecting both regional and seasonal trends. Below, we break down the significant changes across the county's various municipalities, offering insights for buyers, sellers, and real estate professionals alike.

County-Wide Overview: Sales and Prices Adjust

In Simcoe County as a whole, 617 homes sold in November 2024, a significant 63.23% increase compared to the same month in 2023. However, month-over-month, there was a slight dip of 6.66% compared to October 2024, which saw 661 homes sold. This mixed picture of strong annual growth but slight monthly cooling could point to seasonal adjustments as winter approaches.

• Average sale price for all home types in November 2024 stood at $811,934, a modest 3.41% increase from November 2023, but a 3.78% decline from October’s $843,791.
• Active listings jumped 58.60% year-over-year, reaching 3,613 active homes by the end of November, reflecting a return to more balanced inventory levels.
• Months of inventory (a key indicator of how long it would take to sell all current listings at the current sales pace) was at 5.86 months, up slightly from 5.22 months in October but down from 6.03 months a year ago.

Municipality Snapshots

Barrie: A Slight Decline After Year-Over-Year Growth

Barrie, one of Simcoe County’s largest urban areas, mirrored the broader county trends, with 193 sales in November 2024, reflecting a 55.65% increase year-over-year from 124 sales in November 2023. However, there was a slight 0.52% decline from October's 194 sales.

• The average sale price of $720,842 marked a 5.82% increase over last year but a 4.14% decrease from October's $751,945.
• Active listings in Barrie grew 30.95% year-over-year, reaching 732 properties, although they decreased 8.39% month-over-month.
• Months of inventory fell to 3.79 months, showing a continued strong sales pace, though it had declined from 4.51 months in November 2023.

Bradford West Gwillimbury: A Softening Market

Bradford West Gwillimbury experienced a 35.71% increase in sales year-over-year, with 38 homes sold in November 2024 compared to 28 homes last year. However, the market showed signs of softening compared to October, with a 30.91% decrease in sales from 55 homes.

• The average price in Bradford dropped by 14.13% year-over-year, settling at $1,057,134, reflecting the more expensive price point in this area. Month-over-month, prices also fell by 3.27%.
• Active listings saw a 12.32% decrease from last year, with 121 properties available by the end of November.
• The months of inventory metric dropped significantly by 35.39% from November 2023, but the 9.46% increase from October suggests that the market may be experiencing some cooling.

Clearview: A Strong Year, But Declining Prices

Clearview’s November 2024 real estate stats were marked by a 250% year-over-year increase in sales, rising from 4 sales in November 2023 to 14 sales. This jump is impressive, but the average price fell sharply, down 28.96% from October 2024’s average of $1,259,730, dropping to $1,027,000.

• Active listings surged 134.29% compared to November 2023, reaching 164 homes available for sale, providing buyers with more options in this rural area.
• Months of inventory dropped 33.06% compared to last year, but showed a 34.77% increase from October, indicating a potential slow down.

Essa: Smaller Volume, Decreasing Prices

In Essa, 15 homes were sold in November 2024, showing a modest 7.14% increase year-over-year. However, prices saw a marked decline, dropping 14.10% from November 2023’s average of $811,361 to $696,927.

• New listings dropped by 23.26% compared to the previous year, with only 33 new properties coming to market.
• Months of inventory climbed 38.49% from last year, indicating the market is becoming more balanced in Essa. However, 6.13 months of inventory still suggests a relatively stable market, with slightly more time needed for properties to sell.

Innisfil: Strong Sales and Price Growth

Innisfil experienced a strong 110.34% year-over-year sales increase, with 61 homes sold compared to 29 in November 2023. The average sale price also rose by 8.37%, settling at $940,767, up from $868,107 last year.

• Despite a 9.11% decrease in active listings from October, 359 homes remained on the market, keeping months of inventory at a healthy 5.89 months.
• The months of inventory decreased by 39.05% from last year, indicating that homes are selling more quickly, but there is still a good balance of supply and demand.

Orillia: A Mixed Bag

Orillia saw 30 homes sold in November 2024, marking a 66.67% increase over last year. However, sales dropped by 28.57% compared to October.

• Average price surged by 19.78% from November 2023 to $701,430, but saw a 7.59% dip from October’s $759,064.
• Active listings rose by 89.66%, indicating more options for buyers but also slowing sales.
• Months of inventory increased sharply by 57.14% from October, signaling a slight slowdown in the market’s pace.

Oro-Medonte: A Year of Highs and Lows

Oro-Medonte showed a 76.47% increase in sales year-over-year, with 30 homes sold in November. The average price saw a sharp 28.96% decrease compared to the previous year, falling to $701,430 from $987,324.

• Months of inventory decreased 4.59% compared to last year, but was up by 18.85% from October, reflecting a mixed market.

Springwater: Gradual Market Shifts

In Springwater, 24 homes were sold in November 2024, a 71.43% increase from November 2023. However, prices showed a more moderate increase of 4.74% year-over-year.

• Active listings in Springwater increased by 36.84% year-over-year, with 130 homes available at month-end.
• Months of inventory fell by 25.65% compared to October, indicating a solid, but slower, pace of sales in the area.

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Conclusion: What to Expect Moving Forward

As we head into the winter months, Simcoe County’s real estate market reflects a mix of growth, price fluctuations, and shifting inventory levels. Buyers and sellers should remain flexible as market conditions continue to evolve. With active listings on the rise and months of inventory growing in certain municipalities, we may see a more balanced market in the near future.

For those looking to buy, it could be an opportunity to find more choices, especially in areas like Clearview and Essa. However, prices remain relatively high across much of Simcoe County, particularly in areas like Barrie and Innisfil, which may encourage sellers to take advantage of favourable market conditions before the year ends.

As always, the Parker Coulter Team is here to provide expert guidance tailored to your unique needs. Whether you're buying or selling in Simcoe County, we have the local market knowledge and negotiation skills to ensure you get the best results. Let us help you navigate the complexities of the real estate market with confidence and ease.

Ready to take the next step in your real estate journey? Get in touch today, and let us help you turn your real estate goals into reality!