Summer has wrapped up and with that we are done with the one of the most notoriously slow months in real estate – now onto the Simcoe County Real Estate Market Update August 2024!
Overall in Simcoe County we saw a drop in the number of sales (down 2.93% )year-over-year, however pricing increased year-over-year modestly with a 1.15% increase. When comparing month-over-month data, we see a drop in the number of sales by 6.31% over July, while prices dropped on average by 1.84% in the same time period.
Where we see some really interesting numbers is in the increase in active listings in August 2024 over August 2023. This jumped by a whopping 35.25%! Similarly, the months of inventory on the market in that same time frame increased by 39.32%.
While the activity in the market hasn’t markedly changed either year-over-year or month-over-month, the vast quantity of listings keeps us actively in a buyer’s market, putting pressure on pricing. We’ve had yet another Bank of Canada rate cut which is fueling some hope that the housing market will become more liquid, however, previous cuts haven’t made any drastic differences so we believe it’s too early to break out the champagne and celebrate. Sellers will most likely still be facing an uphill battle when selling and buyers will still have plenty of choice!
If you are contemplating a move, it’s important to chat about the nuances of the market. Reach out to us with all your real estate market questions. As always, you’ll get honest, straight-up answers! We hope you enjoy our Simcoe County Real Estate Market Update June 2024.
Scroll below the infographic for all the statistics from the Barrie & District Association of Realtors.
Simcoe County Real Estate Market Update August 2024
Disclaimer
The prices reflected in this media release are based on homes sold via the live Toronto MLS® System only. 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 Realtor® will help you get the most value when buying or selling a home.
If you are thinking about listing, don’t miss our tips for getting your home listing ready! In this article, we share tips to ensure your home is putting it’s best foot forward so that you can get top dollar. Whether it’s enhancing your curb appeal or depersonalizing, there are some user-friendly ways to attract buyers.
If buying is in your future, make sure that you view our home buyers FAQ to get all your questions answered. We want to ensure that whether you are buying or selling, you are educated and ready to tackle the market!
As always, we are always here with honest answers to help you make the decision that is best for you!