The summer months have come and gone, and what is traditionally known as the “busy season” in Real Estate is winding down…or is it?
August brought with it some interesting market stats and changes within the market that we predict could impact September and the fall season moving forward. While some areas saw a substantial uptick in new inventory, others had a quieter month for new listings. Sales have either gone up or down compared to this time last year, depending on the area as well. And as for prices? In most areas, prices have held steady year-over-year, but there have been some anomalies in different regions of Southern or Central Ontario that might surprise you. Keep reading to find out!
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Barrie and the surrounding areas saw a bit of a dip in new listings for the month of August, with 526 new properties hitting the market. This represents a 13.2% decline in new inventory compared to August 2022. This may have also contributed to home sales dropping by 10.8%, with 224 homes sold in the area last month. However, prices have remained steady year-over-year in the Barrie area, with the average sale price at just over $768k. Not only that, but homes are spending around 45 days on the market on average, which was the same amount of time as they were this time last year.
With 241 new properties available in the Orillia area for the month of August, new listings were pretty on par compared to August 2022, with just a 1.2% decrease year-over-year. Home sale stats also remained quite similar compared to this time last year, with 97 homes sold, representing just a 3% decrease from August 2022. As such, prices have remained similar as well. The average sale price in Orillia and the surrounding area was over $788k, a 2.7% increase from last year. Homes are still taking a bit longer to sell in the area, with homes selling firm in 55 days on average, up 11 days from last August.
Midland and the surrounding area saw a bit of an uptick in new listings in August 2023, with 179 new homes hitting the market, a 9.8% increase from this timeframe in 2022. There were 89 sales in the Midland area, which was also up from last year, this time by 23.6%. Although homes are spending 8 days longer on the market than they were in August 2022 and selling firm in 55 days on average, prices are on the rise in this area. Sellers in the Midland area saw gains upwards of 15% year-over-year, with the average sale price reaching over $707k in August.
The Collingwood area saw a significant increase in new listings compared to August 2022, with 383 new properties coming available last month, a 29.8% increase year-over-year. Sales are up in the area as well. With 137 sales in August, 22.3% more homes were sold than this time last year. Sellers in Collingwood and the surrounding areas are also seeing gains in pricing, with the average sale price over $863k, a 4.1% increase from August 2022. Sellers had to be patient for those results, however, since homes are selling firm in 85 days on average, which is 35 days slower than this time last year.
Wasaga Beach also saw a significant increase in new inventory compared to this time last year, with 128 new properties hitting the market, a 47.1% increase from August 2022. Sales have doubled from last year, with 52 properties sold in August. Prices have held relatively steady year-over-year, with the average sale price over $678k, just a 3% dip from last August. In addition, homes are spending approximately 39 days longer on the market, with homes selling firm in 90 days on average.
The Alliston area saw a 24.2% decrease in new inventory, with 191 new homes available in August 2023. Sales are similarly down in the area with 68 sales, a 29.9% decrease from August 2022. However, prices are up in Alliston and the surrounding areas, with an average sale price of over $1.1M, a 16.9% increase from last year.
Homes are spending the same amount of time on the market as they were last year, despite many of their stats seeing a bit of a fluctuation for the month of August. Homes in the Alliston area sold firm in 30 days on average, which is the same as August 2022.
Newmarket saw a measurable uptick in new inventory in the month of August, with 155 new homes hitting the market last month. Sales, on the other hand, took a bit of a dip last month, with just 63 homes sold, down 24.1% from August 2022. Prices are not dropping in the area, however, with Newmarket sellers still achieving gains upwards of 13.9% last month. The average sale price was over $1.2M for Newmarket in August. Homes are also selling faster than they were this time last year, with homes selling firm in Newmarket in just 20 days on average, which is 3 days faster than August 2022.
Vaughan buyers will have a surplus of new inventory to choose from, as 649 new homes hit the market in August 2023, up 39.7% year-over-year. Sales were down by 19.2% in August, however, with just 215 properties sold. Prices have still remained steady for the city of Vaughan, with the average sale price over $1.3M, up 3.5% from this time last year. Not only that, but homes in Vaughan are still selling quickly compared to most areas in Southern and Central Ontario, with homes selling firm in 20 days on average, 4 days faster than in August 2022.
Sellers are likely aware that moving forward, we are entering a traditionally slower season as the summer winds down, kids are heading back to school, and people are getting back into routine. The recent announcement from the Bank of Canada on September 6 to keep interest rates as they are may mean that previously hesitant buyers are taking more interest in purchasing a home or making the move, so there can be a bit of an uptick in buyer interest.
As always, it remains imperative for those hoping for a successful sale and a fair price to go full out® to market their homes. This includes Exceptional Marketing and having a solid digital marketing strategy to ensure that your home stands out from the competition with flawless professional staging, photography and videography and that the right buyers see it at the right time to gather more interest.
August 2023 brought very interesting data since there is a lot of variation between regions when it comes to new inventory and options. Areas around Alliston and Barrie had a bit of a decrease in new listings last month, whereas otherwise, new listings were up substantially, meaning the market may be a little bit tighter in those areas with less new inventory available. The great news for buyers looking into the fall market is that there tends to be less competition, as most buyers tend to wait until the following spring to restart their search. With that said, since interest rates have held steady, we will be watching the market closely to see if there is more buyer interest, which very well may be the case.
Working with a great Realtor® and a great Real Estate team cannot be understated during this time. You work hard for your money, and with interest rates where they are, you want to ensure that your greatest assets are in the hands of trusted Professionals. Our Professional, Loving, Local Realtors® are negotiation experts who know the local market better than anyone and are devoted to going full out® to getting you a home you will love at a fair price.
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