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.
Recent Blog Posts
Why The Parker Coulter Team is the Best Low-Commission Realtor in Wasaga Beach
Are you looking to buy or sell a home in Wasaga Beach? If so, you know that…
October 2024 Simcoe County Real Estate Market Trends You Need to Know
The October 2024 real estate market in Simcoe County delivered a dynamic…
Best Low-Commission Realtor in Collingwood
Discover the Best Low-Commission Realtor in Collingwood: The Parker Coulter…
Simcoe County Real Estate Market Poised for Change Amid Immigration Reductions
The Canadian real estate landscape may face notable adjustments following…