Monthly Market Update: March 2023/2022

March brought the start of the spring market, but has it also brought a shift in the Real Estate market? Keep reading, there is great news on the horizon!

Even though March 2022 was just 12 short months ago, there has been an enormous shift in the Real Estate market. The real story is in the month-to-month data for just about every market, which indicates that the spring may also bring a revival of the market for buyers and sellers.

Wondering What Your Home is Worth in Today's Market? Call us today at 1.888.918.6570 or send us an email to book an appointment.

REGIONAL BREAKDOWN

Barrie and Area

In Barrie and the surrounding area, new listings are down year-over-year by 31%, with 605 properties hitting the market. It should be noted that back in just February 2023, the Barrie area saw just 416 new listings, so there has been a substantial month-over-month increase in this area. Home sales are down 29% compared to March 2022 with 309 sales, but the Barrie area did see 108 more sales than in February, indicating that there has been more interest from buyers this month. Average sale prices have decreased in Barrie compared to the previous year but have also trended upward month-over-month. The average sale price in Barrie in March 2023 was over $811k. Homes are still spending more time on the market than in previous years, with homes going firm in Barrie at 49 days on average.

Orillia and Area

The Real Estate market in Orillia and the surrounding area paints a similar picture to those in the Barrie area, with new listings only down slightly from last year by 11%. However, with 208 new homes coming available, this indicates an upward trend compared to February 2023. Sales are also down year-over-year in Orillia, with 110 deals in March 2023, representing an 11% decrease. However, home sales have nearly doubled from February, which is quite promising for sellers. This could be due to the prices softening in Orillia, with the average sale price at $786k for March. In addition, homes sold firm in 47 days last month, which is up 32 days from March 2022.

Midland and Area

Midland and the surrounding area saw a year-over-year increase in new inventory and an increase month over month, with 176 new homes hitting the market. This is great news for buyers looking for homes in this area as there will be much more selection. Home sales, while down 34% from March 2022, have doubled from February 2023. And while prices have slightly dipped year-over-year, they have started to trend upward from earlier in the year, which is great news for sellers. The average sale price in Midland for March 2023 was over $738k. What has remained consistent is that homes are spending longer on the market. In March 2023, homes in the Midland area sold firm in 81 days, which is up 71 days from March 2022.

Collingwood and Area

Collingwood and the surrounding saw a 4% increase in new listings compared to March 2022, with 333 new properties coming available. Home sales are down compared to this time last year, with 122 sales, but this is trending upwards from February 2023. This may be influenced by prices softening in Collingwood, with the average sale price at $783k in March 2023. Homes in Collingwood and the surrounding area sold firm in 77 days in March, which is up 62 days from last year.

Wasaga Beach

Wasaga Beach saw a minor dip in new inventory, with 114 new properties for sale, representing a 5% decrease from March 2022. With that said March saw an increase in new inventory from February 2023, where only 81 new homes hit the market. Sales are also down year over year, but like many areas in Southern Ontario, they have also doubled since February. The average sale price in Wasaga Beach came in at $724k, which is down 16% from 2022, but also trending upwards from February. What also continues to trend upwards is the time homes spend on the market. For Wasaga Beach, homes sold firm in 82 days in March.  

Alliston and Area

Alliston and the surrounding area saw a 26% drop in inventory from March 2022, with 193 new properties available, but month-over-month new inventory has started to increase. March was a quieter month for Alliston when it came to home sales, with inventory down 28% from March 2022. The average sale price in Alliston was over $912k, which has softened from 2022 by 21%. And while homes are selling 24 days slower than in March 2022, Alliston saw homes selling firm in 32 days on average, which is quicker than most areas in Southern Ontario.

Newmarket

Newmarket had 158 new properties hitting the market in March 2023, which was a 49% decrease in new inventory from March 2023 but substantially more than February’s 109 new listings. Home sales are also down year-over-year by 24%, with 116 sales, but this is also trending upward month to month, like many regions in Ontario. The average sale price in Newmarket for the month of March was $1.2M, which is down by 13% from last year, but also shows a month-over-month increase from February. Homes are selling 11 days slower than last year, but still one of the quickest in Southern Ontario. In Newmarket, homes sold firm in just 16 days. This is also 6 days faster than in February.

Vaughan

The city of Vaughan had 548 new properties hit the market in March 2022, which is down by 49% from March 2022. Fortunately, this is also substantially more than the month of February, when just 426 new homes came available in the city. A similar story for sales in Vaughan, with 310 homes sold in March 2023. While this is down 37% from last year, there is a trend of more home sales month to month. The average sale price in Vaughan was over $1.3M for the month of March. Homes in Vaughan are selling 11 days slower than this time last year but also reasonably quickly compared to most of Ontario, with homes going firm in 20 days on average.

WHAT DOES THIS MEAN FOR BUYERS?

The gradual increase in inventory gives buyers more choices heading into the spring season. Prices softened across the board in Southern Ontario compared to last year, so if you have been waiting for a price improvement, this may be as good as you will get it, as some trends indicate that prices may steadily climb once more. While there have been new inventory available, the amount is not substantial, so to ensure that you find the home that checks all the boxes for your needs, working with a knowledgeable Realtor^® ensures that you get your dream home for a fair price.

WHAT DOES THIS MEAN FOR SELLERS?

While the year-over-year stats may paint a pessimistic picture of the current Real Estate market, hope is on the horizon. The month-to-month stats indicate that the market is picking up on both sides. Sellers are starting to show interest in listing their homes for sale for the spring market, and likewise, buyers are starting to show more interest in house hunting after the seismic shift in the market seen in 2022. This means that while there is some optimism for sellers who are ready to move, working with a team that prioritizes Exceptional Marketing and who has a proven system of success to ensure that your home stands out is still imperative. Gone are the days when homes “sell themselves,” and working with a team that will deliver beautiful home staging, professional photography and videography, and a solid marketing plan can be the difference between a successful outcome and a disappointing one.

If you haven’t followed the market trends over the last year, it also may surprise you to learn that homes are spending significantly more time on the market than before. Sellers should plan for homes to spend more than 30 days on the market, particularly those further north of the GTA. If the thought of living in a staged home long-term seems stressful, check out our guide for Living in a Staged Home here!

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.

Call us today at 1.888.918.6570 or send us an email to book an appointment.

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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.