2023 Real Estate Market Review & 2024 Preview

By now, 2023 may be far back in your rear-view mirror: your resolutions have been made and have hit the ground running in 2024. For Real Estate, many of our predictions for the new year involve analyzing the previous year and how it stacked up against years prior.

The numbers are in, so we are taking a deep dive into the year-over-year stats for 2023, and needless to say, there were a few surprises in many of our local markets in Southern and Central Ontario. The Real Estate market did not see such dramatic changes as it did in 2022; 2023 witnessed more consistency in home sales, new inventory, and home prices. Except, of course, for a few outliers. Keep reading to find out which homes bucked the trend in 2023 below!

Before we do that, if you are curious to discover what your home could be worth in today’s market, we have just the tool for you! Don’t miss our easy, Free, No Obligation Home Evaluation Tool that gives you an accurate estimate of what your home could sell for today.

REGIONAL BREAKDOWN 

Barrie and Area 

Barrie and the surrounding area saw a 9.2% increase in new inventory with 441 new homes hitting the market in November. Year-over-year sales have decreased in the Barrie area by 25.5% with 160 properties sold last month. Despite the slowdown in sales, the average sale price in the Barrie area have held steady at over $768k showing just a marginal 0.8% dip from November 2022. Homes in Barrie and the surrounding area are spending an extra three days on the market than they were this time last year, with homes selling firm in 59 days on average.  

Orillia and Area 

Orillia and the surrounding area saw a substantial increase in new listings in November compare d to this time last year. With 171 new listings available last month, this represents a 36.8% increase in new inventory from November 2022. Sales are down year-over-year for the Orillia area with 62 homes sold. Prices have remained very consistent year-over-year, seeing just a 3.2% decrease in the average sale price for the area. The average sale price for Orillia was over $729k for November 2023. Consistent with most of Southern and Central Ontario, Orillia is seeing homes on the market longer than this time last year. Last month, homes in the Orillia area sold firm in 64 days on average, which is 4 days slower than in November 2022.

Midland and Area 

The Midland area saw a minor decrease in new inventory when compared to last November, with 131 new properties coming available. With that said, home sales have stayed the same from this time last year with 51 deals last month. The average sale price in Midland has softened by 12.3% compared to November 2022. Last month, the average sale price for Midland and the surrounding area reached well over $576k. Homes in Midland are selling a bit faster than they were in 2022, with homes selling firm in the Midland area in 61 days on average, which is 9 days faster than this time last year.

Collingwood and Area 

November brought a surge of new inventory to Collingwood and the surrounding area with 318 new properties hitting the market, an impressive 46.5% increase from last year. Sales have moderated in the area, however, with 89 homes sold last month. The Collingwood area also experienced a softening of home prices, with the average sale price at over $785k. Homes in Collingwood are spending a bit longer on the market than they did in November 2022, with homes selling firm in 95 days on average, which is 29 days longer than this time last year.

Wasaga Beach 

Wasaga Beach had a 24.6% increase in new inventory from November 2022, with 81 new homes available last month. Home sales have remained consistent year-over-year with 29 properties sold in November 2023, which reflects the same number from this time last year. Sellers in Wasaga Beach saw gains upwards of 11.3% year-over-year as the average sale price reached over $770k. Consistent with many areas north of the GTA, homes in Wasaga are spending more time on the market than they did in recent years, with homes selling firm in 103 days on average.

Alliston and Area 

Alliston and the surrounding area saw a notable decrease in new inventory over the course of 2023. In total, 2235 new homes became available in the Alliston area in 2023, which is down 20% from the previous year. Home sales also decreased in 2023, with 974 total sales last year which is down 14% from 2022. What is likely related to the previous stats is that the average sale price in the Alliston area softened last year. The average sale price for 2023 was $1M, which is down 10% from 2022. While homes in Alliston and the surrounding area spent longer by the market in 2023 than they did in 2022, they only took 8 days longer to sell than in the previous year. Homes sold in 31 days on average in 2023.

Newmarket 

The city of Newmarket saw a 9% dip in new inventory in 2023, with 1939 total homes hitting the market throughout the year. Sales are also down for Newmarket with 985 total sales for the year. This is down 14% from 2022. Prices have held fairly steady in Newmarket, with the average sale price at $1.2M, down just 4% from the previous year. And despite homes spending 4 days longer on the market than they did in 2022, homes in Newmarket sold in just 18 days on average in 2023. This stat puts them ahead of most markets in Southern and Central Ontario with homes selling fairly quickly in comparison to other markets.

Vaughan 

The city of Vaughan saw a consistent Real Estate market compared to the year 2022. There were 7051 new homes hitting the market in 2023, which is down just 6% from the previous year. Sales are down in Vaughan, but only by a marginal 3% with 3189 total sales for the year. Prices have also dipped in Vaughan slightly with the average sale price at $1.3M. This is down 6% from 2022. Homes in the city of Vaughan were on the market 3 days longer overall than they were in 2022, with homes selling firm in 20 days on average.

WHAT DOES THIS MEAN FOR BUYERS?  

Many buyers who were anticipating a giant drop in prices are likely still waiting to see those stats drop. While many of the stats were down overall, there weren’t any dramatic swings in either direction, keeping the activity fairly consistent. While some speculate that interest rates may come down in the year ahead, there is equal speculation that as soon as the rates decrease, prices may increase again, creating a more seller-oriented market. If this comes to fruition, it may be much harder to get into the home you want.

Now is the ideal time to get into the market and get a fair deal on your next home. Reach out to one of our Professional, Loving, Local Realtors^® as we have up-to-date information on the market as the upcoming year unfolds. Our Realtors^® live where you live and know the local market better than anyone. We are committed to ensuring you have The Best Real Estate Experience, regardless of the conditions.   

WHAT DOES THIS MEAN FOR SELLERS?  

Sellers heading into 2022 were at an all-time high when it came to pricing and market activity before much of it came to a screeching halt in the spring. Fortunately, 2023 did not see dramatic increases or decreases for most markets, keeping things consistent over the course of the year. By now, most sellers know that the market has slowed down, with some prices softening. This may be partly due to the economy combined with interest rate increases. Sellers should prepare to have their homes spend more time on the market than in previous years and plan accordingly heading into 2024 (reach out to your Professional, Loving, Local Realtor^® if you need help!)

Much of the talk for 2024 will surround how the interest rates may influence the current conditions. Still, heading into the new year, the key to success is working with a team that can navigate the current conditions and market your home with Excellence. This ensures that your home is expertly showcased to the right buyers and stands out from the competition. This is where our promise of Exceptional Marketing has helped thousands of sellers reach their goals despite slower market conditions in previous years.

Want to know what this means for you as you consider buying or selling a home? We’re here to make your experience stress-free.  

Call us today at 1.888.918.6570 or contact us! 

There’s absolutely NO OBLIGATION. Consultations with our team of experts are FREE. 

While the information contained in this site has been presented with all due care, Faris Team assumes no responsibility or liability for any errors or omissions.