With summer in full swing, the Real Estate market is showing signs that buyer activity is picking up, and many areas across Southern and Central Ontario are seeing more new inventory coming available as the months go on. While homes are still on the market for longer than they were last year, homes are selling much faster in areas like Newmarket and Vaughan.
Curious to find out the statistics on the average sale price! Keep reading, you might be surprised!
But first, if you want to know what your home is worth in the current market conditions, make sure you check out our Free, No Obligation Home Evaluation Tool!
Barrie and the surrounding area had a small dip in new listings in July 2023, with 594 new homes hitting the market. Sales have increased by 28% in the Barrie area year-over-year, with 268 sales. The average sale price for Barrie and the surrounding area was $816k, up 2% compared to July 2022. Homes are spending just 3 days longer on the market than they did this time last year, with homes selling firm in 43 days on average.
Orillia saw a 5% uptick in new listings in July, with 271 new homes hitting the market. Sales are up as well compared to this time last summer, with 104 properties sold last month. Sellers in the Orillia area also saw gains upwards of 22% year-over-year as the average sale price reached just under $895k. Homes in Orillia, like many north of the GTA, are spending more time on the market than they did this time last year, with homes selling firm in 51 days on average.
Midland and the surrounding area had a minor decrease in new listings compared to July 2022. With 171 new properties coming available in the area, there was a 10% decrease from this time last year. Sales have seen a 7% increase year-over-year, with 63 sales in the Midland area. The average sale price in July 2023 was just under $650k, down 14% from July 2022. In addition, homes in the Midland area are spending 19 days longer on the market than they did in July 2022, with homes going firm in 60 days on average.
The Collingwood area saw 5% more new listings than they did this time last summer, with 365 new homes hitting the market. Sales are up substantially from last year, with 160 deals in July 2023, a 62% increase. Prices have seen a 1% increase year-over-year, with the average sale price up to over $851k. Homes in Collingwood and the surrounding area are spending 69 days on the market on average, about 29 days longer than they were last July.
Wasaga Beach had 113 new homes become available in July 2023, a minor 2% decrease from July 2022. On the other hand, sales have nearly doubled compared to last July, with 60 properties sold. This reflects 94% more activity than this time last year. Prices have held steady year-over-year, with the average sale price at over $692k in Wasaga Beach, a 3% increase. Homes in Wasaga Beach are spending a bit more time on the market with homes selling firm in 72 days.
Alliston and the surrounding area had 30% fewer new listings hit the market in July compared to this time last year, with 197 new properties on the market. The Alliston area had precisely the same amount of sales in July 2023 as they did in the same month in 2022, with 70 homes sold. Sellers saw upwards of 7% year-over-year gains, with the average sale price over $1M. While homes are taking longer to sell than they were last year, they are spending just 35 days on the market.
Newmarket saw 27% more new inventory in July 2023 compared to last summer, with 189 new properties available. Sales are also on the rise in Newmarket, with 77 homes sold, a 10% increase from July 2022. The average sale price is also rising, with the average sale price over $1.1M last month, up 9% from July 2022. Unlike most areas further north, homes are selling much faster in Newmarket. Properties sold firm in just 13 days on average, which is 2 days faster than in 2022.
With 667 new listings becoming available in July, Vaughan had a 9% increase in new inventory year-over-year. Sales were up by 30% in July 2023, with 262 properties sold in Vaughan. Sellers in Vaughan saw upwards of 7% year-over-year gains as the average sale price reached over $1.3M. In addition, homes are selling faster than they were last summer, with homes going firm in 18 days on average, which is 4 days faster than in July 2022.
As buyer activity begins to pick up this summer, it becomes very important to work with a Real Estate team that will negotiate a fair deal on a home that you love. Your home is your biggest asset, and you want to work with a team that you can trust, and that will go full out for you®. Buyers interested in areas further south, like Newmarket and Vaughan, will face a slightly more competitive market. Luckily, with a few exceptions, buyers across the board in Southern and Central Ontario have many options with this moderate increase in new homes hitting the market. With the right team behind you, there are plenty of opportunities to find your next dream home!
As buyer activity increases, there is hope for sellers who have perhaps been delaying plans due to previous market conditions. If you have been on the fence, now is a great time to list your home for sale. As inventory begins to increase in some areas, Exceptional Marketing will help your home stand out from the competition. This means having Professional Home Staging, Stunning Photography and Videography and a strategic digital marketing plan to get your home in front of the right sets of eyes!
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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.
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