While the majority of Ontario saw an influx in new listings, home sales are still down 40-50% compared to July 2021. Sellers may not be seeing the same significant gains as they did last year, but the average sale prices remain steady across the board, with only a few areas experiencing a softening in sale prices, such as Orillia and Wasaga Beach. With the exception of areas closer to the GTA, homes are staying on the market significantly longer compared to this time last year.
When it comes to new listings, overall, we have seen a surge of inventory coming available in July 2022 in comparison to this time last year. Buyers have a lot more choice when it comes to finding a new home, which is giving them a bit more leverage when it comes to adding conditions to their agreements. Sellers will have to make sure that they are going above and beyond to ensure that their home stands out and makes a lasting impression.
In comparison to July 2021, there has been a 40-50% drop in home sales this July, with some areas seeing a decrease of over 50% fewer homes sold compared to last year. This could be the result of homes lingering on the market significantly longer compared to last year, which we will get to next.
With some exceptions (mainly the Alliston area, Newmarket and Vaughan, which are much closer to the city), homes are staying on the market anywhere from 15-23 days longer than they did this time last year. We aren’t seeing any regions where homes are selling quicker than they did in 2021, so sellers should prepare for their homes to be on the market a little longer than last year.
The good news for sellers is that homes are generally holding their value compared to last year. While prices have no dramatically increased compared to July 2021, there are very few areas where the average sale price has dropped year-over-year and if they have, the decrease has not been significant. It is still very much a good time to sell if you are hoping to see gains on home value.
Despite plenty of new listings coming available in July 2022, home sales in Barrie continue to drop, this month by 48.7% compared to July 2022. While homeowners are not seeing tremendous gains year-over-year as they did in 2021, prices are holding steady at an average of $802k, which is a 1.5% increase from this time last year. Homes are staying on the market much longer than this time last year, with homes selling firm in 40 days on average. This is 23 more days on the market than July 2021.
Compared to July 2021, Orillia and the surrounding areas have seen an uptick in new listings, not unlike several areas just north of GTA. Despite a 27.7% increase in listings, home sales have dropped by 49.1% compared to this time last year, with 81 homes sold in the area. The average sale price has softened by 8.7% with homes in Orillia and area selling at an average of $736k. Like many areas, homes are staying on the market much longer compared to July 2021, with homes selling firm in 37 days on average. This is approximately 17 days slower than July 2021.
Midland and the surrounding areas saw a moderate increase in new listings compared to July 2021 with an 11.8% increase year-over-year. They too saw home sales drop by more than half compared to last year with 60 home sales. Despite a decrease in sales, Midland sellers saw gains of 19.7% compared to July 2021, with homes selling at an overage of $802k. Homes are spending an average of 46 days on the market, which is an increase of 16 days compared to July 2021.
Collingwood and the surrounding areas saw an influx of new inventory compared to this time last year with 346 new homes hitting the market in July 2022. Not unlike most of Ontario, Collingwood saw 45% fewer home sales this month compared to July 2021. The average sale prices have dipped marginally, with homes selling at around $840k on average which is only a 3% dip from last year. Homes in Collingwood and the surrounding area are also spending more time on the market at an average of 42 days before selling firm.
Buyers have no shortage of options for excellent homes for sale in the Alliston area. A dramatic increase in inventory hit the market in Alliston and the surrounding areas this July. With 197 new listings coming available, new inventory levels are at a 53.9% increase compared to July 2021. Home sales are down by nearly half compared to last year, and while prices have also softened by about 4.7%, Alliston sellers are still seeing homes sell at an average of $933k and homes are selling relatively quickly in Alliston at an average of 18 days to go firm. This average timeline is on par for how long homes were selling in July 2021.
With 114 new listings hitting the market, Wasaga Beach saw a 32.5% increase in new listings compared to this time last year. Home sales are down quite a bit compared to July 2021 by 42.5%, which could be influenced by the length of time that homes are spending on the market. Homes in Wasaga Beach are taking 42 days to sell firm on average, which is 23 days slower compared to July 2021. Prices saw an 11.2% dip in Wasaga Beach in July with homes selling at an average of $672k.
Newmarket was a bit of an anomaly when it came to new inventory in July 2022. With 149 new listings coming available, a 7.5% decrease in new homes hitting the market is notable compared to July 2021. The average sale price is holding steady for Newmarket homeowners, with homes selling at an average of $1.1M, which is up 1.4% from this time last year. Despite home sales decreasing by just over half at 52.1%, homes are selling a bit more quickly in this region with homes going firm in just 15 days on average.
Vaughan saw a small uptick in new listings in July 2022, with 613 new homes entering the market. Vaughan saw a similar drop in home sales this month with 202 homes sold, a decrease of 50.7% compared to last year. Average prices in Vaughan are steadfast at $1.2M, which is a 1.1% increase compared to July 2021 and they are selling firm in 20 days on average. This is only a 2-day increase compared to this time last year.
Sellers will need to have an excellent team behind them if they are looking to have their home stand out with all this inventory and will need to prepare for their home to stay on the market longer than they might have last year. Exceptional Marketing is paramount in this market, and it’s more important than ever to have a Real Estate team that is willing to go full out® for their clients.
This market is presenting a great opportunity for buyers who have been hoping to jump into the market and are looking for a home that fits their needs. They are afforded a little bit more negotiating power when it comes to adding conditions to their agreement. If you’re a buyer who is ready to find a home that checks all the boxes, now is the time! If the interest rates are a concern, click here to book an appointment with one of our Licensed Mortgage Professionals who will happily talk through your options.
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