Simcoe County Real Estate Market Update July 2022
Summer has been winding down but we hope that you all took advantage of the beautiful weather! We enjoyed plenty of paddle boarding, exploring new trails and spending time at the beach.
With the shift in the market, we know many of you have put any home buying or selling plans on hold. September typically brings an uptick in movement, however time will tell. For July we saw a nearly 50% drop in number of sales compared to July of 2021. The average sales price is still above July 2021 pricing, however, it has decreased from the June 2022. Read below for the complete market snapshot.
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! Here it is – The Simcoe County Real Estate Market Update July 2022
Simcoe County Monthly Residential Report July 2022
Year-Over-Year Summary
The July 2022 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 an increase in new listings and average sale price.
444 units were sold this month in Simcoe County, that’s 46.1% less than the same time last year. The average price of residential units sold was $788,104 which was 1.6% greater than that of July 2021.
134 residential units were sold during July 2022 within Barrie. This was 48.5% less than the number of units sold during July 2021. This decline was slightly more than that of total Simcoe County (-46.1%).
The average price of residential Barrie units sold during July 2022 was $775,463—6.2% greater than the average price of units sold during July 2021. Sales in Barrie accounted for 30.2% of residential sales in Simcoe County last month.
Supply levels continue to rise across the region with months of inventory sitting at 4.3 for Simcoe County. Adjustments on both sides of the market will continue over the next few months as all participants revise their expectations on affordability and price. With a few more rate hikes expected before the end of the year, it’s anticipated the market will continue to rebalance as supply outpaces demand for the time being.
Month-Over-Month Summary
The July 2022 sales recorded through the MLS® System for the Barrie and District Association of REALTORS® (BDAR) showed a month-over-month decrease in the number of units sold, average sale price and new listings in Simcoe County.
444 residential units were sold in Simcoe County last month—a 15.1% decrease from June 2022. During the same time a year ago (July 2021 to June 2021), there was an 13.3% decrease in the number of units sold.
The average price of residential units sold last month in Simcoe County was $788,104—a 5.4% decrease from June 2022. The month-over-month change in average price a year ago was a decrease of 3.4%.
134 units were sold last month within the City of Barrie, which was 14.6% less than the number of units sold the month prior. A year ago, the number of units sold between July and June decreased by 9.7%.
The average price of units sold within Barrie during July 2022 was $775,463. This was 1.7% less than the average price during June 2022. In comparison, the average price of units sold between July 2021 and June 2021 decreased 2.1%.
Simcoe County Real Estate Market Update July 2022
Year-to-Date Summary
4198 residential units were sold in Simcoe County during July 2022 Year-to-Date (YTD) (January 1st, 2022 – July 31st, 2022). This was 36.9% less than what was sold during the same timeframe last year (January 1st, 2021 – July 31st, 2021).
The average price of residential units sold during July 2022 YTD was $921,656. This was 19.2% greater than the average price during the same timeframe a year ago.
1373 units were sold in the City of Barrie during July 2022 YTD. This was a 39.9% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (- 36.9%).
The average price of units sold within the City of Barrie during July 2022 YTD was $886,730. This was 22.4% more than the same timeframe last year. This growth was slightly more than what was seen in the total Simcoe Region (+19.2%).
We hope you have enjoyed our Simcoe County Real Estate Market Update July 2022.
