Real Estate Updates, Statistics, and more!
Last month the average sales price in Simcoe County was $777,328. This was 4.32% lower than that of December the year prior. However more homes sold, even though the prices were slightly down. 314 homes changed hands which was up 11.35% over the year before.
Shockingly Barrie actually sold 30.59% more homes December 2023 than December 2022. Innisfil was down 14.63% in sales, and Orillia was also down, 16.67%.
There were 485 new listings last month which all together brought the total of listings to 1,484. This was 14.59% more homes than December the prior year.
Here’s a summary of Simcoe to give you an idea:
Of the 314 homes which sold in Simcoe County in December
Getting into Barrie more specifically, the average sales price was $700,785. There were 111 sales and 357 total active listings.
Barrie averaged the following prices for the following styles December 2023
Here were the average days on market on different areas throughout Simcoe County
Now I won’t bore you with all of the changes that happened December 1st in the real estate world but besides an information booklet that everyone is now supposed to be given and being allowed to self represent (which was always a thing, but just called by a different name, think of For Sale By Owners where someone pays a company just to post their listing but they do everything else, paper work etc.). The main change is open offers. What this means is sellers have the right to have an open bidding process and change their mind at any time if they originally said it would be closed bidding. For example, they could say they want closed bidding where no one will know what anyone offered, but then say it is very close. Let’s use the example of 599 and 600,000. The seller could change their mind and say they want to do open bidding and tell the 599,000 offer that the other offer is 600,000 to see if they would like to give 601,000. They can also decide to disclose conditions. This may include financing, inspection, or no conditions at all. The seller could say you offered 599,000 with conditions but the other person has no conditions at 600,000. Would you like to improve your offer?
That’s about it in that world. There are some extra spots to sign so everyone knows how they’re being represented and what it truly translates to but like I said I won’t bore you guys with that stuff.
Looking at Ontario as a whole, December 2023 vs. December 2022, the average price for a single family home was up 0.9%. And then in Canada as a whole the average was up 8.7% for the average sales price.
There is lots of talk of interest rates coming down this year 1.5–2% which a tremendous number of families have been feeling the pressure of especially those in variable mortgages. As many of you recall there were 7 interest hikes in 2022, gulp.
To be honest even the past three weekends I have seen tons of bidding wars. It was like everyone was in hibernation and then now everyone is out and wants to get in before the craziness and rate drops occur.