Simcoe County Real Estate Market Review - May 2024

As we delve into May 2024, the Simcoe County real estate market presents a blend of varying trends when compared to both April 2024 and May 2023. This analysis provides a detailed look at the market's performance, highlighting the key metrics and their implications.

Year-Over-Year Analysis

Compared to May 2023, Simcoe County experienced a notable decline in sales, with the number of transactions dropping by 18.33%, from 873 to 713. This decrease in sales volume is accompanied by a 3.20% reduction in the average sale price, which fell from $870,462 to $842,615. Interestingly, the number of new listings saw a smaller decline of 7.38%, with 2,283 new listings compared to 2,465 in the previous year.

One of the most significant changes observed is the sharp increase in active listings, which surged by 63.35% from 2,019 to 3,298. This rise in inventory levels has contributed to a doubling of the months of inventory, which now stands at 4.63 months compared to 2.31 months in May 2023.

Month-Over-Month Analysis

When comparing May 2024 to April 2024, a slight increase in sales volume is evident, with a 2.00% rise from 699 to 713 transactions. However, the average sale price showed a modest decline of 1.93%, falling from $859,168 in April to $842,615 in May.

New listings saw a significant month-over-month increase of 11.86%, rising from 2,041 in April to 2,283 in May. Similarly, active listings increased by 16.62%, from 2,828 to 3,298. The months of inventory also saw an uptick, growing by 14.33% from 4.05 to 4.63 months, indicating a slight cooling in the market.

Detailed Breakdown by Area

Barrie

In Barrie, sales dropped significantly by 21.50% year-over-year, from 307 in May 2023 to 241 in May 2024. However, the average price remained stable with a slight increase of 0.03%, from $781,147 to $781,377. New listings decreased by 20.13%, while active listings saw a substantial increase of 72.27%. The months of inventory in Barrie rose from 1.37 to 3.02, reflecting a more balanced market.

Bradford West Gwillimbury

Bradford West Gwillimbury experienced a 31.48% drop in sales year-over-year, from 54 to 37 transactions. The average price saw a minor decrease of 1.59%, while new listings increased by 8.00%. The number of active listings more than doubled, leading to a significant rise in the months of inventory from 1.48 to 4.41.

Clearview

Clearview saw a slight increase in sales by 8.33%, from 12 to 13. The average price surged by 18.81% year-over-year. New listings increased by 30.00%, while active listings rose by 53.45%. The months of inventory increased from 4.83 to 6.85, indicating a slower market pace.

Essa

In Essa, sales declined by 12.50%, from 32 to 28. The average price, however, increased significantly by 14.24%. New listings saw a rise of 15.94%, and active listings more than doubled. The months of inventory increased substantially from 1.28 to 3.36, reflecting a shift towards a buyer's market.

Innisfil

Sales in Innisfil declined by 24.42% year-over-year, while the average price decreased by 5.94%. New listings showed a modest increase of 3.86%, with active listings rising by 45.56%. The months of inventory grew from 3.01 to 5.80, indicating more available properties on the market.

Orillia

Orillia experienced a significant drop in sales by 28.85%, with the average price falling by 11.14%. New listings decreased by 43.23%, and active listings rose by 49.47%. The months of inventory more than doubled from 1.83 to 3.84.

Oro-Medonte

Sales in Oro-Medonte increased slightly by 4.55%, while the average price rose by 4.57% year-over-year. New listings saw a slight decrease of 1.03%, and active listings increased by 61.22%. The months of inventory grew from 4.45 to 6.87, indicating a slower market.

Springwater

Springwater saw an 11.54% decline in sales, with the average price decreasing by 8.80%. New listings dropped by 28.95%, while active listings increased by 54.44%. The months of inventory rose from 3.46 to 6.04, indicating a more balanced market.

Conclusion

The Simcoe County real estate market in May 2024 is characterized by a mix of declining sales and average prices but an increase in new and active listings. This shift towards higher inventory levels suggests a move towards a more balanced or even buyer's market in certain areas. For both buyers and sellers, working with a knowledgeable REALTOR® is essential to navigate these changing market conditions and make informed decisions.