January 15, 2024
The December 2023 sales information for Simcoe County is in and despite high borrowing costs and strict mortgage qualifications in 2023, the Simcoe County Residential Report reflects a period of adjustment and resilience.
The residential sales for the Barrie & District Association of REALTORS® (BDAR) region showed an overall year-over-year increase in the number of sales and active listings, and a decrease in new listings and average sale price compared to December 2022.
314 units were sold last month in Simcoe County, that’s 11.35% more than the same time last year. The average price of residential units sold was $777,328 which was 4.32% less than December 2022. Despite a 31.50% decrease in new listings, the overall inventory of homes remains well above this time last year with 1,484 active listings representing 4.73 months of inventory.
Looking ahead to 2024, as borrowing costs are expected to trend lower, Lindsay Percy, Chair of the Barrie & District Association of REALTORS®, anticipates a revitalized market. “This is a time of cautious optimism for Simcoe County real estate as we foresee a gradual yet steady recovery in home sales in 2024,” says Percy.
For more insights on the 2023 Simcoe County market, stay tuned for BDAR’s comprehensive annual report in the coming weeks.
Disclaimer
The Barrie & District Association of REALTORS® cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials between geographical areas. The prices reflected in this media release are based on homes sold via the live TRREB MLS® system only.
Using a Local Professional REALTOR®
“REALTOR®” is a professional designation. A REALTOR® is a licensed real estate professional belonging to local, provincial and national associations. They have completed an intensive real estate program and have the skill set, expertise and experiences that you will need when buying or selling your home. Realtors® have a network of resources available at their fingertips. They understand financing and mortgage rules, insurance and liability coverage, and all the legal details involved in real estate. As a skilled negotiator, your local BDAR Realtor® will help you get the most value when buying or selling a home.
About BDAR
The Barrie & District Association of REALTORS® (BDAR) represents over 1,600 REALTORS® in the Barrie and Simcoe County region. BDAR provides its members leadership opportunities, professional development, and other tools and services to help them deliver a high standard of services to their clients. BDAR is community‐focused and believes that community prosperity is largely based on shelter and home ownership. The Association has a strong focus on affordable housing and helping first‐time buyers understand how to get on the housing ladder. To learn more visit https://bdar.ca