Year-Over-Year Summary
The January 2023 sales information is in, and residential property sales recorded through the MLS® System for the Barrie and District Association of REALTORS® (BDAR) region showed an overall year-over-year decrease in the number of units sold and average sale price and an increase in new listings and months of inventory.
288 units were sold this month in Simcoe County, that’s 32.6% less than the same time last year. The average price of residential units sold was $818,299 which was 16.7% less than that of January 2022.
91 residential units were sold during January 2023 within Barrie. This was 39.7% less than the number of units sold during January 2022. This decline was more than that of total Simcoe County (-32.6%).
The average price of residential Barrie units sold during January 2023 was $724,037—22.7% less than the average price of units sold during January 2022. Sales in Barrie accounted for 31.6% of residential sales in Simcoe County last month.
Overall inventory of homes remains well above this time last year. The number of new listings were 38.4% and 5.6% higher in Simcoe County and Barrie respectively compared to this time last year.
Month-Over-Month Summary
The January 2023 sales recorded through the MLS® System for the Barrie and District Association of REALTORS® (BDAR) showed a month-over-month increase in the number of units sold, new listings and average sale price in Simcoe County.
288 residential units were sold in Simcoe County last month—a 19.0% increase from December 2022. During the same time a year ago (January 2023 to December 2022), there was a 6.5% increase in the number of units sold.
The average price of residential units sold last month in Simcoe County was $818,299—a 2.3% increase from December 2022. The month-over-month change in average price a year ago was an increase of 13.0%.
91 units were sold last month within the City of Barrie, which was 31.9% more than the number of units sold the month prior. A year ago, the number of units sold between January and December increased by 11.0%.
The average price of units sold within Barrie during January 2023 was $724,037. This was 2.3% more than the average price during January 2023. In comparison, the average price of units sold between January 2022 and December 2021 increased 9.6%.
Monthly sales are still trending well below year-ago levels and the general average for this time of year as activity remains subdued in the face of higher interest rates and economic uncertainty. Inventory levels are way up and with prices flattening out, there is some incentive for sidelined buyers to re-enter the market, perhaps as early as this spring.
Disclaimer
The prices reflected in this media release are based on homes sold via the live Barrie and District Association of REALTORS® (BDAR) Matrix™ Multiple Listing Service (MLS®) only. Statistical anomalies in average home prices, including irregularly high and/or substantially low residential, sold unit prices have been evaluated and/or removed from the data sets used to calculate final averages in order to illustrate market trends with improved accuracy.
The Barrie & District Association of REALTORS®
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 BDAR 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 Home Price Index (HPI)
The MLS® Home Price Index (HPI) conducts an analysis based on prices for Benchmark properties tracked by the MLS® Home Price Index (HPI) for the overall market area served by the Barrie & District Association of REALTORS® Inc (BDAR). The MLS® HPI is the most accurate gauge for price levels and trends, which vary by neighbourhood. For more detailed information, please contact your local BDAR REALTOR®. To learn more visit https://www.crea.ca/housing-market-stats/mls-home-price-index/about-hpi/
About BDAR
The Barrie & District Association of REALTORS® (BDAR) represents over 1,500 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