The housing market is off to a strong start in 2024, according to a group of local realtors.
In its latest monthly report, the Barrie and District Association of Realtors (BDAR) says statistics from January show “significant” year-over-year growth in sales and listings, and prices “holding stable.”
Across Simcoe County last month, 378 units were sold, up 15.6 per cent from January 2023. However, the average price dipped to $790,292, 5.2-per-cent lower than it was a year ago.
The number of new listings surged to 1,083, up nearly 123.8 per cent over December 2023 figures.
"January statistics reflect a vibrant and growing market in (the) county,” BDAR chair Lindsay Percy said. “With the rise in sales and listings, along with stable prices, we're observing a market that is adjusting well and poised for continued growth. The significant increase in new listings from last month is particularly encouraging, as it contributes to a balanced and healthy real estate environment.”
Also of note, there were 3.8 months of inventory available in January, down 8.5 per cent from the same month one year ago.
In Innisfil, specifically, 29 homes were sold last month for an average price of $899,552, down 9.4 and up 12.9 per cent, respectively, from January 2023 figures. Here, there were 119 new listings and 5.4 months of inventory available, down 27.4 and 13.5 per cent, respectively, from a year ago.
Meanwhile, Bradford recorded 31 sales for an average price of just over $1 million last month, up 40.9 and down four per cent, respectively, from January 2023. There were 46 new listings and 1.9 months of inventory available, down 38.7 and 33.6 per cent over that same time.
Here’s how three other local municipalities fared last month:
- Barrie — Overall, 142 homes sold in January, up 44.9 per cent from the same month the year prior. The average sale price was $729,882 last month, up less than .1 per cent from a year ago. New listings dropped 26 per cent to 321 over that span; there is 2.4 months’ worth of inventory left on the city’s market.
- Essa — Fourteen units sold (a 27.3 per cent increase) for an average of $825,857 (a 3.2 per cent increase). New listings declined 2.4 per cent to 41, and there were 3.2 months of inventory available.
- Orillia — Twenty-one units sold (a 23.5 per cent jump) for an average of $628,081 (down 8.2 per cent). New listings dropped 38.2 per cent to 55, and there were three months of inventory.
Across Ontario, the Canadian Real Estate Association (CREA) says prices for single-family homes were up 1.1 per cent in January, compared to the same month a year ago.
Nationally, sales volumes eased growth — 3.7 per cent between December 2023 and January 2024, versus a 7.9 per cent jump in December compared to November — and the MLS price index was down 1.2 per cent nationally.
“Sales are up, market conditions have tightened quite a bit, and there has been anecdotal evidence of renewed competition among buyers; however, in areas where sales have shot up most over the last two months, prices are still trending lower," CREA senior economist Shaun Cathcart said in a release, referring to national figures.
"Taken together, these trends suggest a market that is starting to turn a corner, but is still working through the weakness of the last two years.”
Looked at from a countrywide perspective, price drops have been seen largely in Ontario, especially in the south-central region, CREA said.
“The market has been showing some early signs of life over the last couple of months, probably no surprise given how much pent-up demand is out there,” said CREA chair Larry Cerqua. “There’s a consensus that the market will probably look quite a bit different this year compared to 2022 and 2023."
BDAR represents more than 1,600 realtors in the Barrie and Simcoe County region. For more on the organization, visit bdar.ca/.
— With files from Patrick Cain
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