Simcoe County Real Estate Market Update February 2023
We’ve had a very atypical February this year, as volume in Simcoe County is down 43.4% over February last year, while Barrie has dropped 50%. Average pricing decreased year-over-year as well with a drop of 24.6% ($762,485) in pricing for Simcoe County and 23.9% for Barrie ($733,029). While these are large decreases, we do see the interest rates steadying which could prove to reinvigorate the housing market.
If you are contemplating a move, it’s important to chat about the nuances of the market when considering a move. Reach out to us with all your real estate market questions. As always, you’ll get honest, straight-up answers! I hope you enjoy our Simcoe County Real Estate Market Update February 2023.
Scroll below the infographic all the statistics.
Simcoe County Monthly Residential Report February 2023
Year-Over-Year Summary
The February 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, new listings, and average sale price and an increase months of inventory.
371 units were sold this month in Simcoe County, that’s 43.4% less than the same time last year. The average price of residential units sold was $762,485 which was 24.6% less than the monthly average sale price peak experienced in February 2022.
129 residential units were sold during February 2023 within Barrie. This was 50.0% less than the number of units sold during February 2022. This decline was more than that of total Simcoe County (-43.4%).
The average price of residential Barrie units sold during February 2023 was $733,029—23.9% less than the average price of units sold during February 2022. Sales in Barrie accounted for 34.8% of residential sales in Simcoe County last month.
Overall inventory of homes remains well above this time last year with 3.9 months of inventory in Simcoe County and 2.4 months of inventory in the City of Barrie.
Month-Over-Month Summary
The February 2023 sales recorded through the MLS® System for the Barrie and District Association of REALTORS® (BDAR) showed an increase in the number of units sold and new listings, and a decrease n average sale price in Simcoe County.
371 residential units were sold in Simcoe County last month—a 27.9% increase from January 2023. During the same time a year ago (February 2022 vs. January 2022), there was an 53.6% increase in the number of units sold.
The average price of residential units sold last month in Simcoe County was $762,485—a 6.7% decrease from January 2023. The month-over-month change in average price a year ago was an increase of 2.9%.
129 units were sold last month within the City of Barrie, which was 38.7% more than the number of units sold the month prior. A year ago, the number of units sold between February and January increased by 70.9%
The average price of units sold within Barrie during February 2023 was $733,029. This was 1.4% more than the average price during January 2023. In comparison, the average price of units sold between February 2022 and January 2022 increased by 2.9%.
There’s a healthy amount of inventory on the market with a 4.5% and 12.3% increase in new listings in Simcoe County and the City of Barrie respectively compared to last month.
Year-to-Date Summary
661 residential units were sold in Simcoe County during February 2023 Year-to-Date (YTD) (January 1st, 2023 – February 28th, 2023). This was 39.0% less than what was sold during the same timeframe last year (January 1st, 2022 – February 28th, 2022).
The average price of residential units sold during February 2023 YTD was $786,607. This was 21.3% less than the average price during the same timeframe a year ago.
222 units were sold in the City of Barrie during February 2023 YTD. This was a 45.7% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (-39.02%).
The average price of units sold within the City of Barrie during February 2023 YTD was $728,685. This was 23.6% less than the same timeframe last year. This decline was slightly more than what was seen in the total Simcoe Region (-21.3%).
