Monthly Market Update: January 2023/2022

After 2022 brought a shift in the Real Estate market, it’s helpful to look back over the data to assess where the market compares to January 2022. While many of the numbers look discouraging year-over-year, the month-over-month data tells a different story, with some optimism on the horizon. Here’s a look at the market updates for January 2023/2022 in your local Real Estate Market.

New Listings

With the exception of Newmarket, most markets in Southern Ontario saw a notable increase in new listings coming available in January 2023. This holds true compared to data from January 2022, but also compared to previous months. More inventory and choice have caught the attention of buyers, and interest has started to perk up month-over-month.  

Homes Sold

While home sales are down year-over-year, there have been several markets where the month-over-month data suggests the market is starting to revive. In addition, a slight increase in buyer activity suggests that there may be more promising months to come. This category is the driver of the average sale price, and the number of days homes are on the market.

Average Sale Price

In almost all markets, the year-over-year prices have decreased. Prices have come down slightly in most areas compared to January 2022 as a result of the shifts we saw in 2022. However, the month-over-month story again suggests a more optimistic outlook for sellers. Ultimately, the homes sold data will dictate whether prices will hold or soften further in the months to come.

Days on the Market

While it’s apparent that homes are spending much longer on the market than they did in January 2022, there are several markets that show a different story from month to month. Homes in many markets spend less time on the market than they did in December 2022, indicating a bit more buyer activity.

Regional Breakdown

Barrie and Area

Barrie and the surrounding areas had a 9.4% uptick in new listings in January 2023 compared to last year. Home sales were down in January compared to this time last year, with 142 sales in the Barrie area. The average sale price has softened by 19.9% compared to this time last year, with the average sale price at $820k. Homes are spending 54 more days on the market compared to last year as well, with homes selling firm in 54 days on average.

Orillia and Area

The Orillia area saw significantly more new listings hitting the market in January 2023 compared to January 2022. With 138 new properties available, new inventory is up 76.9% year-over-year. Sales are slightly down compared to January 2022 in Orillia and the surrounding area, which is down by just 1.7%. Prices have softened in the Orillia area as well, with the average sale price at $815k, which is 13.9% lower than it was last year. Homes in Orillia and the surrounding area are spending 52 days longer on the market, with homes selling firm in an average of 75 days. While this is longer than last year, the month-over-month data shows homes are starting to spend fewer days on the market.

Midland and Area

Midland and the surrounding area also saw significantly more new listings in January 2023. With 86 new homes for sale, this is a 24.6% increase in new inventory year-over-year. Home sales are down in Midland by 43.1%, but month-over-month home sales have started to pick up for the Midland Area. Prices are down year-over-year in Midland and the surrounding area, with the average sale price at $687k. Homes in Midland are on the market much longer than this time last year, with homes selling firm in 83 days on average.

Collingwood and Area

Collingwood and the surrounding area saw a surge of new inventory available in January. With 233 new homes becoming available, this is 56.4% more new inventory than in January 2022. Home sales remain down year-over-year in Collingwood by 46.8%, and the average sale price is 23.3% lower than in January 2022. The average sale price in Collingwood and the surrounding area was $877k. Homes in Collingwood are on the market significantly longer than they were this time last year, with homes selling firm in 100 days on average.

Alliston and Area

Alliston and the surrounding area also saw an influx of new listings coming available in January. There were 137 new properties hitting the market this month, up 80.2% from last year. Sales remain down in the Alliston area as well, with 51 sales. Month-over-month, there has been an increase in sales, with the Alliston area seeing just 30 home sales back in December 2022. Prices are down year-over-year in Alliston, with the average sale price just over $1M. Homes in the Alliston area are spending an extra 6 days on the market compared to last January, with homes going firm in an average of 45 days.

Wasaga Beach

Like many areas in Southern Ontario, Wasaga Beach saw an immense 44.2% increase in new listings hitting the market compared to last year. Home sales are down year-over-year by 51.4%, but there were a few more home sales than in December 2022, indicating a trend month-over-month that sales are picking up a bit. The average sale price in January 2023 was down by 10.9% compared to last year, with the average sale price in Wasaga Beach at $756k. Homes on the market significantly longer than in 2022, with homes selling firm in 99 days on average.

Newmarket

Newmarket was an anomaly in January, with a 10.3% decrease in new listings hitting the market. Home sales are down by 42.9% in Newmarket, with 44 sales in January, and the average sale price was just shy of $1.2M. This is down 10.9% compared to January 2022, but prices have increased slightly month-over-month for Newmarket. Homes in Newmarket are selling firm in 19 days on average, up 12 days from January 2022. Despite the increase compared to last year, Newmarket remains one of the fastest-selling markets out of all the areas we serve.

Vaughan

There has been a marginal 3.8% increase in new listings in Vaughan compared to last year, with 405 new properties hitting the market in January. Home sales are down 47.9% in Vaughan, and prices have also experienced a 10.6% decrease year-over-year. The average sale price in Vaughan for January 2023 was over $1.3M. Homes in Vaughan are selling firm in 28 days on average, which is 13 days slower than in January 2022.

What Does This Mean for Buyers?

Buyers can take advantage of the growing new inventory in the housing market to make the jump. Although first-time buyers may face some challenges such as interest rates, it is crucial to work with an experienced Real Estate team who can skillfully negotiate and assist you in finding a valuable home. With the right guidance and support, you can achieve your dream of homeownership.

What Does This Mean for Sellers?

The market suggests buyers have been sitting on the sidelines, so there is some pent-up demand for homes. Inventory seasonality picks up in March, so sellers are advised to get their homes listed sooner to avoid more competition. As inventory increases, sellers will want to work with a Real Estate Team that will go full out^® to market their home exceptionally, from staging to photography and videography, with a proven system for success.

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