May home sales remained subdued, reflecting a continuation of market conditions seen in recent months. Homebuyers are still facing challenges due to high mortgage rates, impacting their purchasing power and decision-making process. Despite these challenges, the year-over-year increase in new listings indicates that homeowners are preparing for a potential uptick in demand.
In May 2024, a total of 713 homes were sold in Simcoe County, marking a decrease of 18.33% compared to May 2023. However, this figure represents a modest month-over-month increase of 2.00% from April 2024. The average sale price for homes in Simcoe County was $842,615, reflecting a 3.20% decrease from May 2023 and a 1.93% decrease from April 2024.
New listings in the region totaled 2,283, a 7.38% decline compared to May 2023, but an 11.86% increase from April 2024. Active listings saw a significant year-over-year increase of 63.35%, reaching 3,298. Compared to the previous month, active listings rose by 16.62%. The months of inventory also saw substantial growth, doubling from 2.31 in May 2023 to 4.63 in May 2024, and increasing by 14.33% from April 2024.
“The Simcoe County real estate market is showing resilience despite the fluctuations observed in May,” said BDAR Chair, Lindsay Percy. “While we are seeing a decrease in sales compared to last year, the month-over-month growth is a positive indicator. The increase in active listings provides more options for buyers, and we anticipate a balanced market as we move forward."
These trends indicate a cautious adjustment in the real estate landscape, as buyers and sellers continue to navigate changing market conditions. The overall impact on home prices, coupled with the rising months of inventory, suggests a nuanced environment for buyers and sellers alike.
Disclaimer
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 BDAR Realtor® will help you get the most value when buying or selling a home.
About BDAR
The Barrie & District Association of REALTORS® (BDAR) represents over 1,600 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
Comentarios