Simcoe County Real Estate Market Update March 2023
March ushered in some warmer temperatures, but also a warmer housing market. While year over year volume is down in Simcoe County by 30.5%, it is up 54.0% from February 2023. Similarly, pricing is down year-over-year, but trending upward month-over-month. We are also starting to see the days on market for listings reduce with detached homes averaging 16 days, townhouses averaging 14 and condos taking approximately 23 days to sell during the month of March.
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! I hope you enjoy our Simcoe County Real Estate Market Update March 2023.
Scroll below the infographic all the statistics.
Simcoe County Monthly Residential Report March 2023
Year-Over-Year Summary
The March 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 in months of inventory.
573 units were sold this month in Simcoe County, that’s 30.5% less than the same time last year. The average price of residential units sold was $788,907 which was 19.4% less than the monthly average sale price peak experienced in March 2022.
195 residential units were sold during March 2023 within Barrie. This was 27.8% less than the number of units sold during March 2022. This decline was more than that of total Simcoe County (-30.5%).
The average price of residential Barrie units sold during March 2023 was $725,965—21.9% less than the average price of units sold during March 2022. Sales in Barrie accounted for 34.0% of residential sales in Simcoe County last month.
Overall inventory of homes remains well above this time last year with 2.6 months of inventory in Simcoe County and 1.5 months of inventory in the City of Barrie.
Month-Over-Month Summary
The March 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, new listings, and average sale price in Simcoe County.
573 residential units were sold in Simcoe County last month—a 54.0% increase from February 2023. During the same time a year ago (March 2022 vs. February 2022), there was an 25.8% increase in the number of units sold.
The average price of residential units sold last month in Simcoe County was $788,907—a 3.5% increase from February 2023. The month-over-month change in average price a year ago was a decrease of 3.2%.
195 units were sold last month within the City of Barrie, which was 50.0% more than the number of units sold the month prior. A year ago, the number of units sold between March and February increased by 4.7%.
The average price of units sold within Barrie during March 2023 was $725,965. This was 0.8% less than the average price during February 2023. In comparison, the average price of units sold between March 2022 and February 2022 decreased by 3.5%.
Year-to-Date & Quarter 1 2023 Summary
1,235 residential units were sold in Simcoe County during March 2023 Year-to-Date (YTD) (January 1st, 2023 – March 31st, 2023). This was 35.3% less than what was sold during the same timeframe last year (January 1st, 2022 – March 31st, 2022).
The average price of residential units sold during March 2023 YTD was $787,523. This was 20.5% less than the average price during the same timeframe a year ago.
418 units were sold in the City of Barrie during March 2023 YTD. This was a 38.4% decline from the same timeframe last year. This decline was slightly greater than what was seen in the total Simcoe Region (-35.3%).
The average price of units sold within the City of Barrie during March 2023 YTD was $727,108. This was 23.0% less than the same timeframe last year. This decline was slightly more than what was seen in the total Simcoe Region (-20.5%).
