With 2022 well behind us, it's time to look back at the Real Estate Markets we serve to discuss how they performed overall. After several years of consistent market activity, we all know very well that many changes took place in light of historical events and economic circumstances, from the War in Ukraine to inflation rising and interest rates rising seven times over the course of the year.
We compare key market stats from 2022 to 2021 and look at which quarter saw the most changes in each market.
In 2022, Barrie and the surrounding area saw a total of 7376 new listings hitting the market over the course of the year. This influx of new listings is 14.9% more than in 2021. Overall, 2021 was a tighter market, with 6417 new properties coming available. The first quarter of the year actually saw fewer new listings than the year prior by 13%, but steadily increased thereafter, with the third quarter seeing 42.4% more new inventory than 2021.
Year-over-year, sales in Barrie and area decreased by 35.3%, with 3304 sales in this market. Sales in the first quarter largely contributed to low inventory levels but remained consistently lower than 2021 by 30% to as much as 44% compared to the previous year.
Despite the lack of sales, the average sales price for 2022 was just over $900k, an 11.5% increase overall compared to the average sale price for 2021, which was $807k. Sales prices were seeing impressive gains, upwards of 36% in the first quarter, and 13.6% in the second quarter, before decreasing beginning in the third quarter of the year.
The year 2022 saw homes staying longer on the market much longer than in 2021. While the average days on the market for the entire year rounded out to 29 days (an impressive 81.3% increase), looking at the story quarter-by-quarter shows that at the start of the year, homes were selling much faster than the year prior by 32% before slowing right down as the year progressed.
With 2472 total properties listed over the course of 2022, Orillia saw a 9.2% increase in new inventory compared to 2021. Similar to areas surrounding Barrie, Orillia had a deficit in new inventory earlier in the year by 24%, but inventory steadily increased. The most significant influx of inventory came in the third quarter of the year, with a 37.2% increase in new listings.
If you have kept up with our market updates throughout the year, it should not be a surprise to learn that sales overall are down in this area as well. The first quarter of the year was impacted by inventory levels resulting in fewer sales, and as the year went on, sales continued to remain lower than in 2021.
The average sale price has still seen an increase when looking at the year as a whole. The average sale price for Orillia in 2022 was $858k, which is up 7.2% compared to 2021. Prices in Orillia saw a very sizeable increase earlier in the year by 35.6%, which steadily decreased over the course of the year, but not enough to put the average price in the negatives overall.
Homes on the market in Orillia took 73.7% longer to sell, with homes selling in 33 days on average. This is up by 14 days from 2021. The overall average was impacted by a notable 8.2% decrease in the first quarter, but by the end of the year, homes were on the market 174.6% longer than the year prior.
Lots of new inventory became available for Midland buyers in 2022, with a total of 1844 new properties hitting the market, which is up 10.3% compared to 2021. In addition, Midland saw its most considerable increase in new inventory in the year's final quarter, which was a 39.9% increase in new properties hitting the market.
Sales in Midland were down by 37.4% for the year 2022, with a total of 785 sales. Sales were consistently down throughout the year but progressively slowing down further with each quarter.
Despite this, the average sale price in Midland held steady year-over-year. Sellers in Midland saw gains of 2.4% overall, with the average sale price at $738k for the year. A similar story for many markets, prices were up by 19.6% to start 2022 and progressively dipped to -11.1% by year's end.
Homes in Midland were on the market 75% longer than in 2021 overall, with the average for the entire year at 35 days on the market. While homes were selling very quickly in the first and even second quarter of 2022, they slowed down by 151.2% by the fourth quarter, which is not unlike many areas in Southern Ontario.
New listings in Collingwood and the surrounding area were up 11.5% for 2022, with a total of 3557 homes hitting the market. The third quarter also saw the biggest surge in inventory for Collingwood, where 34.2% more new properties were available than in 2021. New inventory only saw a slight dip in the first quarter but progressively increased from there.
Sales in the Collingwood area decreased by 36.7%, with a total of 1574 properties sold. While the first quarter was down by 19.4%, likely due to a lack of inventory, sales remained down between 40-45% in subsequent quarters compared to 2021.
The average sale price in Collingwood overall increased by 11.5% in 2022 when compared to 2021 as a whole. With the average sale price reaching $966k, most gains occurred in the year's first half before slightly dipping by year's end.
On average, homes sold 11 days slower than they did in 2021, which is an average of 40% longer on the market. While homes were selling faster in the first quarter, they remained on the market for double the amount of time by year's end. Overall, homes were selling firm in 38 days on average in 2022.
New listings went up in 2022 for Alliston and the surrounding area, with 2100 homes hitting the market. Despite a small 7% decrease in the first quarter, 14.4% more properties became available this year overall than in 2021. The most significant increase occurred in the third quarter of the year, a 44.7% jump from 2021.
There were 40.2% fewer sales in Alliston compared to 2021, with a total of 859 sales for the year. The biggest drop occurred in the second quarter, where 50.2% fewer homes were sold than at the same time in 2021.
The average sale price in Alliston increased 11.5% overall compared to the 2021 average. The largest increase occurred in the first quarter before softening slowly as the year went on. As a result, the average sale price for Alliston overall was just shy of $1.M, compared to 2021, where the average sale price for the year was $971k.
Newmarket actually saw fewer new listings than in 2021. With 2125 new homes hitting the market, listings were down 14.8% for the year 2022. Moreover, they remained consistently lower from start to finish.
Home sales in Newmarket also decreased substantially with combined market changes and lower inventory levels slowing sales right down in this area. 1141 properties were sold, which is 40.2% fewer than the previous year.
Despite fewer sales, the average sale price in Newmarket for 2022 was over $1.2M, up 10.6% compared to 2021. These prices were up substantially from 2021 in the earlier half of 2022 but gradually dropped as the year went on.
Despite homes sitting on the market 40% longer than they did in 2021, homes were selling the quickest overall in Newmarket compared to other Real Estate markets we analyzed. Homes sold firm in Newmarket in 14 days on average in 2022, compared to selling in just 10 days in 2021.
Like Newmarket, Vaughan was a much tighter market for inventory than in 2021. New listings were down consistently throughout the year, with a total of 7466 sales, down -7.6% overall.
Sales were also down in Vaughan, with a total of 3264 properties sold in 2022. Sales consistently remained down throughout the year, likely due to a lack of inventory combined with market and economic conditions.
Sales prices are still up year-over-year overall in Vaughan, despite the significantly fewer sales. With the average sale price at $1.4M in Vaughan, the price overall saw a 7.9% increase from the average sale price in 2021, which was at an average of $1.3M.
Overall, Vaughan only saw homes on the market 2 days longer than in 2021, with homes selling firm in 17 days. This is primarily due to the very competitive Real Estate market in the first quarter of 2022. Toward the end of 2022, homes were on the market 67.4% longer than the year prior.
Wasaga Beach saw the largest jump in new inventory compared to other markets we analyzed for 2022. With 1098 homes hitting the market for the year, Wasaga Beach saw a 26.5% increase in new listings, with the biggest surge occurring in the final quarter.
Looking at 2022, sales in Wasaga Beach were down by 33.6%, with a total of 473 properties sold. Wasaga Beach came into the year with decreased home sales which progressively lessened as the year went on.
The average sale price in Wasaga Beach saw an increase in 2022 by 6.5% overall. The average sale price in Wasaga Beach was over $762k for the year, likely due to a 31% increase in the first quarter, before prices started to soften as the year went on.
Properties in Wasaga Beach sold 12 days slower on average for 2022, with homes spending an average of 34 days on the market. Like most areas, homes in Wasaga Beach sold quickly in the first quarter, but the days on the market steadily increased with each quarter thereafter.
With each market seeing an increase in inventory, it is apparent that buyers this year not only have much more choice as the year comes to a close but also have a bit more buying power. This is good news for buyers, given the challenges concerning interest rates and affordability. It does, however, put a lot more weight into the home they choose since they have likely jumped through many hoops to get to the point where they can afford a home in this market. Working with a Real Estate team that is an expert in their market of choice will help prevent buyer's remorse.
Since the average sale prices suggest that prices saw more of a correction than a plummet in 2022, it remains important for buyers who are on the fence to get into the market as soon as they are able. As Mark Faris maintains, the Real Estate market is like a yo-yo on an escalator. While this year was proof that the market prices can fluctuate, the overall numbers tell us that homes will continue to increase in value over time.
While 2022 saw a shift in the previously very hot seller's market earlier in the year, the average sale price overall indicates that sellers are still seeing gains on their homes. Those who purchased earlier in the year when prices were at their peak likely are not the ones looking to sell, so before panicking, talk to your Realtor® who will look at your home's particular value year-over-year. This should give you a complete picture of how your home stacks up in this current market.
Overall, the process for selling shifted in 2022, and sellers should be prepared. It becomes increasingly more important to work with a Real Estate team that will pull out all of the stops to ensure that their home stands out from the competition and buyers will be able to see their home as worth their investment.
At Faris Team, we go full out® for our clients to ensure they have the Best Real Estate Experience Guaranteed. This includes Exceptional Marketing, one of our brand promises. Not only do we offer Complimentary Home Staging, Professional Photography and Videography to get your home looking its best, but we also go full out® to ensure that their home is shown to as many serious buyers as possible.
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