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December Market Update for Simcoe County

Simcoe County Real Estate (November 2022)

Simcoe Country Real Estate in November of 2022 saw a continued decline from the previous month with the average sale price going from $775k in October to $749k in November. This number is also down approximately 11% year-over-year. The number of new listings in Simcoe County also continued to decline, which is typical for this time of year, as we approach the holidays. New Listings in Simcoe County went from 1,060 in October to 806 in November. The Number of home sales also decreased from 504 to 415 during the same time period. The average days on market for Simcoe County has remained surprisingly consistent of the past few months at 22 days. The percentage of original list price for November was 94.6%, meaning on average homes are currently selling under list price, which is welcome news if anyone has been trying to buy for the last two years. 

My predictions for Simcoe County real estate in the new year, is we will consider to see moderate declines brought on by buyers holding off as interest rates may continue to rise.  

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Midland Real Estate

Midland Real Estate actually managed to see an increase in home prices from October to November of this year moving from, $575k to $598k. I always think it’s important to note in these communities that have a population under 25,000, the number of actual sales can have a large impact on average price. This means that average price becomes largely dependant on what properties have actually been sold in a particular month. There was a slight decrease in the number of new listing in Midland from 47 to 44. The number of home sales in Midland saw a slight increase from 24 to 29. The percentage of the original list price saw a decrease from 95% to 93%. The number of days it took to sell a home in Midland Jumped nearly 33%, from 20 to 29 days.  

While it is interesting to see a slight increase in the average sale price, I think if we look at the overall trend with prices from the last few months, November will be seen as a bit of an outlier in the data set. 

Penetanguishene Real Estate

Penetanguishene Real Estate sale prices saw a very small decrease from October to November, with the average sale price moving from $715k to $710k. The number of new listing also decreased slightly from 21 to 18. It is taking a long time for homes to sell in Penetanguishene, with the average days on market jumping drastically from 36 to 64 days. The average percentage of original list price also rebounded slightly this month moving from 90% in October to 92% in November. The number of sales also decreased from 11 to 8, typical for this time of year. 

Tiny Real Estate

Home prices in Tiny Township took a slight decline in November of this year moving from 1.012 Million in October to 1.008 Million in November. This is accompanied by relatively few sales going from 12 to 6 for November. The number of new listings in Tiny Township is very high compared to the number of sales. October saw 47 new listings and November saw 42. Essentially this is giving sellers a 1 in 7 chance of selling their home in November, and even worse odds when you factor in the number of active listings. The average days on market also saw a steep increase moving from 33 to 52 days. The average percentage of original list price also saw a moderate decline from 93.8% to 92%. 

Tay Real Estate

The average sale price of home for sale in Tay Township decreased significantly last month from $624k to $568K. The number of new listings remained consistent at 34 but the area of concern is the number of sales relative to the number of new listings. The number of homes sales in Tiny dropped from 17 in October to 10 in November. Days on market did improve from 28 to 13 as did percentage of original list price moving from 96% to 98%. 

Wasaga Beach Real Estate

The average price of homes in Wasaga Beach last month saw a significant increase from$628k to $693k, however the number of sales dropped slightly from 31 to 29. The number of sales is down nearly 28% year-over-year. The number of new listings in Wasaga Beach also decreased significantly over the last month moving from 96 to 65. The amount of time it took to sell a home on average in Wasaga Beach dropped from 42 days to 26 in November. The percentage of original list price also saw an increase from 92% to 96%. This could be caused by both sellers and agents, beginning to get a little more in sync with what is happening in the current market. Gone are the days of putting a for sale sign on the lawn for 7 days and waiting on the offers to roll in. 

Springwater Real Estate

Looking at the residential real estate market in Springwater Ontario, the average sale price increased in November from $988k to $1.05 Million. It is important to keep in mind the number of sales that took place which were 17 for October and 14 for November. The number of new listings remained very stable, moving from 51 to 50 for November. The average days on market for Springwater real estate also decreased from 40 to 33 days. The percentage of original list price also saw a slight dip, going from 94% in October, to 92% in November.  b

Oro-Medonte Real Estate

Listings in Oro-Medonte in November saw a slight decrease in their average sale price, going from $988k in October to $966k in November. The number of home sales in Oro-Medonte stayed consistent with 26 and 25 in October and November respectively. The number of new listing in Oro-Medonte dropped significantly from 63 to 37 and the amount of time it is taking for those listings to sell also dropped from 42 to 35 days. The percentage of original list price for homes in Oro-Medonte also saw a slight increase of just under 1%, ending up at 94%.  

Barrie Real Estate

The average sale price for listings in Barrie dropped significantly in November. The average sale price of homes in Barrie in October was $733k, whereas the average price in November was $702k. Home prices in Barrie are also down approximately 15% year-over-year. The number of new listings in Barrie decrease significantly as well from 280 to 207. The number of sales also saw a decline, going from 163 in October to 130 in November, although the amount of time it is taking to sell a home in Barrie remained consistent at 28 days. The percentage of original list price also remained consistent at 95.6% – a 0.1% increase over the previous month.  

Orillia Real Estate

Orillia real estate saw a decrease in home prices this month going from an average sale price of $633k for October, to $555K for November. This decreased is fairly significant considering the number of sales saw a slight increase from 44 to 45. The number of new listings in Orillia dropped by 26 this month with 51 new listings in November. The amount of days it takes to sell a home in Orillia stayed consistent, seeing a drop of 1 day, landing at 31 days on average. Percentage of original list price for homes for sale in Orillia also saw an increase of 0.5 points to finish November at 95.1% 

Collingwood Real Estate

Collingwood real estate saw a slight decline in their average sale price this month with prices dropping from $875 in October to $858k in November. The number of new listings also decreased from 79 to 70, with the number of sales following suit, dropping from 39 to 24 for November. The average number of days in takes to sell your home in Collingwood increased by 6 days for November, making an average of 54 days to sell your home. Finally, the average percentage of original list price of homes for sale in Collingwood dropped by 1.4%, landing at 90.8%.