Monthly Market Update: February 2023/2022

February 2022 saw home prices peak in many markets, along with homes selling at rapid speeds in a very seller-focused market. However, one year later, we are seeing signs that the market is picking up. We spoke with Mark Faris, CEO and Broker of Faris Team Real Estate Brokerage and got his thoughts on what is happening in Real Estate.

We all know by now that last year brought a tremendous shift in the Real Estate market. In 2022, we saw a shift in buyer activity, home sales and the length of time that homes spent on the market. Therefore, comparing the year-over-year data from February 2023 to back in February 2022 paints a pessimistic image of the Real Estate market when the month-over-month data suggests something entirely different.

Year-Over-Year Regional Breakdown

Barrie and Area

In Barrie and the surrounding area, 416 properties came onto the market. While this is 24.6% fewer new listings than in February 2022, we have seen a 19.5% increase in new inventory month over month which is great news for buyers searching for their next home. Home sales in the Barrie area are down year-over-year by about 50%, but once again, we have seen an increase in home sales compared to January 2023, which is great news for sellers. As Mark Faris suggested, it is clear that buyers have been waiting on the sidelines before making the jump, and there is evidence that buyer activity is increasing. The average sale price in Barrie came out to $785k for February as well. What is interesting is that while homes are selling 34 days slower than in February 2022, the days on the market have decreased this past month compared to this January by about 20 days. In February, homes sold firm in 34 days on average, another indicator that buyer activity may start to pick up in 2023.

Orillia and Area

Orillia and the surrounding area had a quieter February for new listings, with 132 homes hitting the market. With fewer home sales compared to February 2022, Orillia did see a slight increase in home sales month-over-month from January 2023. The average sale price in this area was 751k for the month of February, and homes sold firm in 58 days on average. While homes are on the market much longer than in February 2022 (when homes went firm in just 17 days), they were spending far less time on the market than just one month ago. In January 2023, homes were on the market for an average of 75 days, indicating a bit of an increase in buyer activity.  

Midland and Area

Midland and the surrounding areas saw only a small decrease in new listings year-over-year with 91 homes coming available in February 2022. This may be 8% less inventory than we saw one year ago, but the numbers have increased since January 2023. Once again, home sales are down in the Midland area year-over-year, but there have been a few more homes sold than there were back in January as well. The average sale price in Midland for February 2023 was $668k. Homes in Midland are spending much longer on the market than they were in February 2022, with homes selling firm in 101 days on average.

Collingwood and Area

In the Collingwood area, new listings are up year-over-year by 6.5%, with 229 homes coming available in 2023. Home sales are down in Collingwood compared to February 2022 but have increased by 46% compared to January 2023. The average sale price has also increased month-over-month, reaching an average of nearly $904k in February. Days to sell are up in Collingwood and the surrounding area year-over-year, but they are selling three days faster than January 2023. Homes are selling firm in this area in 97 days on average.

Wasaga Beach

New listings in Wasaga Beach are up 20.9% compared to February 2022, with 81 new properties hitting the market last month. This area also shows a trend of increasing new inventory month-over-month, with more homes hitting the market than in January 2023. Home sales are down 42% compared to last year, but they are up 16% from this January which is very optimistic for sellers. The average sale price in Wasaga Beach was $699k, showing a 19% dip from last year. Homes are taking longer to sell year-over-year, but the average time spent on the market is improving month to month. Homes sold firm in Wasaga in 74 days on average.

Alliston and Area

With 142 new listings in February 2023, new inventory saw a 23% decrease compared to this time last year. That said, Alliston's and surrounding areas' inventory has increased compared to January. Home sales remain down in Alliston year-over-year but are increasing month-to-month as well. The average sale price for Alliston and the surrounding area in February was $942k. In addition, homes sold firm in Alliston in 30 days, which is 18 days slower than in February 2022 but also 15 days faster than in January, which should be hopeful for sellers.

Newmarket

Newmarket saw 109 new listings in February, which is significantly less new inventory from 2022 (54% less), but new inventory is up 4.8% compared to January 2023. Home sales are also down compared to last February, but they are up 72.7% compared to the previous month. This is great news for buyers interested in the Newmarket area because it indicates that there will be a bit more choice in the market. Prices have softened year-over-year, with the average sale price in Newmarket over $1.1M. Homes in Newmarket last year were selling very fast at just 6 days but are still selling quickly in February 2023 compared to most areas in Ontario. Homes sold firm in Newmarket last month in just 22 days on average.

Vaughan

Like many areas, the city of Vaughan's stats for new listings are down compared to February 2022 but are steadily increasing month over month, with 426 new properties hitting the market. Home sales in Vaughan are also down, with 256 sales which are substantially more than they saw in January. And while the average sale price is down year-over-year, Vaughan saw a notable increase in the average sale price compared to January 2023 at $1.3M. Homes in Vaughan sold firm in just 24 days in Vaughan, which is 14 days slower than this time last year but also 4 days quicker than in January.

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.

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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.