Monthly Market Update: January 2024

As we step into the first month of 2024, we observed a spectrum of changes, from subtle shifts to significant transformations, shaping the housing landscapes. Our aim is to provide you with the statistics necessary to equip you in navigating the dynamic real estate market. Through dissecting the data, we shed light on what these statistics signify for both prospective buyers and sellers as they chart their course in the months ahead. But first, do you want to find out what your home could be worth in today’s market? 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 0.3% increase in new inventory with 359 new homes hitting the market in January. Year-over-year sales have decreased in the Barrie area by 12.9% with 128 properties sold last month. Along with the slowdown in sales, the average sale price in the Barrie area has slightly dipped from January 2023 by 8.8% with sale price at over $747k. Homes in Barrie and the surrounding area are spending an extra 14 days on the market than they were this time last year, with homes selling in 83 days on average.   

Orillia and Area 

Orillia and the surrounding area saw an increase in new listings in January compared to this time last year. With 160 new listings available last month, this represents a 15.1% increase in new inventory from January 2023. Sales are down year-over-year for the Orillia area with 43 homes sold. Prices have dipped year-over-year, seeing just a 14.4% decrease in the average sale price for the area. The average sale price for Orillia was over $698k for January 2024. Orillia homes are seeing consistent days on the market to this time last year. Last month, homes in the Orillia area sold in 77 days on average, which is 2 days slower than in January 2023.

Midland and Area 

The Midland area saw an increase in new inventory when compared to last January, with 95 new properties coming available. Home sales have stayed the same from this time last year with 28 deals last month. The average sale price in Midland has also slightly increased by 2.5% compared to January 2023. Last month, the average sale price for Midland and the surrounding area reached over $704k. Homes in Midland are selling slower than they were in 2023, with homes selling in the Midland area in 109 days on average, which is 26 days slower than this time last year.

Collingwood and Area 

January brought a slight increase in inventory to Collingwood and the surrounding area with 244 new properties hitting the market, an impressive 4.3% increase from last year. Sales have increased in the area, with 87 homes sold last month. The Collingwood area experienced a softening of home prices, with the average sale price at over $793k. Homes in Collingwood are spending a bit longer on the market than they did in January 2023, with homes selling in 111 days on average, which is 11 days longer than this time last year.

Wasaga Beach 

Wasaga Beach had a 1.4% increase in new inventory from January 2023, with 72 new homes available last month. Home sales have increased year-over-year with 26 properties sold in January 2024, which reflects 44.4% increase from this time last year. Sellers in Wasaga Beach saw a decrease of 21.7% year-over-year as the average sale price dropped to $592k. 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 in 105 days on average.

Alliston and Area 

Alliston and the surrounding area had a quieter month of January when it came to new listings, with 118 new properties hitting the market. This is down 28.9% from January 2023. Sales in Alliston are down as well compared to last year’s stats, with 58 homes sold. Prices are also slightly dipping in the Alliston area with sellers seeing year-over-year drop of 11.5%. The average sale price in Alliston was just over $834k. Homes in the Alliston area are taking a bit longer to sell than they did in January 2023, by 23 days. Homes in the area sold in 66 days on average.

Newmarket 

Newmarket had a 7.7% increase of new listings from this time last year with 112 new homes available. Home sales are up year-over-year in the area with 68 properties sold. Home sales in Newmarket have significantly increased, seeing a 44.7% increase from last January. In Newmarket, the average sale price in January was well over $1.1M. Homes are spending 15 days longer on the market than they were this time last year, but Newmarket homes are still selling fairly quickly compared to most regions within Southern and Central Ontario with homes selling firm in 34 days on average.

Vaughan 

A slight dip in new inventory hit the market in Vaughan in January 2024, with 384 new properties becoming available. This represents a 6.1% decrease compared to January 2023. Sales are up in Vaughan by 47.1% with 206 homes sold last month. Prices have held steady, with just a 0.6% decline in price from last January, though the average sale price is still well over $1.2M. Homes in Vaughan are selling in 35 days on average, which is an increase by 8 days from January 2023.

WHAT DOES THIS MEAN FOR BUYERS?  

Prospective homebuyers actively scouring the real estate market in Southern and Central Ontario will find encouragement in the steady influx of new listings or stable inventory levels across most areas. This presents a favourable landscape brimming with opportunities to find a residence that perfectly aligns with their needs and preferences. Moreover, with a notable decrease in average sale prices in many regions, now presents an opportune moment for buyers to find their dream home at a more affordable price point. Seizing these opportunities requires the guidance of professionals well-versed in navigating the complexities of the local market.

If you're embarking on the journey of finding a new home, the current scenario offers an excellent opening to initiate the process and secure favourable rates. The decision by the Bank of Canada to maintain interest rates may have heightened buyer interest but with a dedicated team of experts by your side, you can embark on your home buying journey with confidence and assurance. 

WHAT DOES THIS MEAN FOR SELLERS?  

Following the recent announcement regarding interest rates, there's a possibility of heightened buyer activity, despite the slight dip in sales observed in certain areas during January. In scenarios where buyers compete for a limited inventory of properties, sellers often find themselves in a favorable position, exerting more control over pricing and potentially commanding higher offers for their homes. While we closely monitor these trends moving forward, the increasing availability of new inventory may introduce a heightened level of competition for sellers to navigate.

If you've been contemplating listing your home with the assistance of a dedicated team your home can stand out amidst the competition, facilitating a quicker sale and maximizing its value. At Faris Team, we pride ourselves on providing unparalleled service, leveraging expertise in professional home staging, outstanding photography and videography, and cutting-edge digital marketing to ensure your home receives the visibility it deserves among interested buyers. With our team of professional, passionate, and knowledgeable local real estate experts, you can rest assured knowing you'll receive the utmost dedication and commitment to delivering the finest real estate experience imaginable.

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.