In this market update, we revisit May 2022, a period when Southern and Central Ontarians experienced significant shifts in the Real Estate market. Various factors, such as rising interest rates, negative media portrayal, the War in Ukraine, and escalating living costs, had varying impacts on the market statistics across different regions of Southern and Central Ontario. Now, one year later, it is essential to assess the changes and determine if there is renewed optimism for individuals waiting for an opportune time to buy or sell a home.
If you have been reading our monthly market updates, you are likely familiar with the steady month-to-month improvement in the market conditions, and now we can look back and see some trends from last year. We’ll look at some of the major markets we serve in Ontario compared to this time last year and what this means for buyers and sellers in May 2023
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Barrie and the surrounding areas had 644 new listings hit the market in May 2023, a 28% decrease in new inventory from last year. Home sales are rising in the Barrie area from last year, with 354 sales in May 2023. This is a 10% increase in properties sold year-over-year for likely the first time in over 12 months. The average sale price has softened by 13% year-over-year, with the average sale price at $807k in the Barrie area. Homes are spending 17 days longer on the market than last year, with homes in Barrie and the surrounding area selling firm in 37 days on average.
The Orillia area saw a minor decrease in new listings year-over-year, with 312 new properties available in May 2023, just a 3% decrease from May 2022. While home prices in the Orillia area are down 4%, with the average sale price at $846k, home sales are finally on the rise year-over-year. The Orillia area had 125 properties sold in May 2023, which is an 11% increase from this time last year. The average days homes spend on the market remain up from May 2022, with homes going firm in 44 days on average. This is up 27 days from this time last year.
In Midland and the surrounding area, 239 homes hit the market in May 2023. This represents a 2% increase in new inventory from this time last year for the Midland area. Sales have also increased year-over-year for Midland, with 85 sales at a 4% increase from last year’s sales. The average sale price in Midland for May 2023 was $684k, with approximately a 10% decrease from May 2022 and homes in the Midland area. Homes in Midland sold firm in 62 days on average, which is 46 days slower than this time last year.
In Midland and the surrounding area, 239 homes hit the market in May 2023. This represents a 2% increase in new inventory from this time last year for the Midland area. Sales have also increased year-over-year for Midland, with 85 sales at a 4% increase from last year’s sales. The average sale price in Midland for May 2023 was $684k, with approximately a 10% decrease from May 2022 and homes in the Midland area. Homes in Midland sold firm in 62 days on average, 46 days slower than last year.
Collingwood and the surrounding area had an uptick in new inventory compared to last year, with 472 new properties available in May 2023, a 7% increase year-over-year. Sales are up quite a bit in the Collingwood area compared to May 2022, with 200 homes sold. This represents a 29% increase year-over-year. Prices are softer than they were in May 2022, with the average sale price at $816k last month. Homes are still on the market longer than they were last year. Homes sold firm in 58 days on average last month, which is up 40 days from May 2022.
Wasaga Beach had a 6% increase in new listings in May 2023, with 138 new properties available. While prices have decreased in Wasaga Beach year-over-year by 7%, there has been a notable increase in property sales compared to May 2022. Wasaga Beach had 76 home sales last month, a 69% increase in sales from last year. The average sale price in Wasaga Beach for May 2023 was over $700k, and homes in this area sold firm in 60 days on average, which is up 39 days from May 2022.
The Alliston area had a decrease in new listings in May 2023 compared to May 2022. With 249 new properties available, this marks a 19% decrease in new inventory year-over-year. Sales are also up substantially in Alliston and the surrounding areas compared to this time last year. With 123 properties sold in May 2023, sales are up 64% compared to May 2022. Prices are down marginally compared to the previous year, by only 3%, with the average sale price in the Alliston to be $1.0M. Like most areas, homes are spending longer on the market than last year, but the Alliston area only sees homes sell 6 days slower on average than in May 2022. Homes in and around Alliston sold the firm in 23 days on average in May 2023.
Like the Alliston area, Newmarket saw tighter inventory levels in May 2023 compared to May 2022. Newmarket saw 203 new listings hitting the market last month, down 23% from last year. Sales are down in Newmarket by a meagre 1%, with 121 sales in May. The average sale price has increased in Newmarket by 5% as the average sale price reached over $1.2M in May 2023. In an exciting turn of events, homes in Newmarket are selling faster than they were in May 2022. Homes took an average of 10 days to sell in May 2023, a full day quicker than last year.
In May 2023, the city of Vaughan saw a decrease in new housing listings in comparison to the previous year. A total of 794 new properties were listed for sale, indicating a 15% reduction from May 2022. Despite this, Vaughan's real estate market experienced a significant boost in sales, with 446 homes sold in May, marking a remarkable 54% increase from the previous year. The average sale price remained steady, at $1.3M last month, and the time that homes spent on the market remained the same as in May 2022, with homes selling in 14 days.
This month’s market report came with a few surprises that indicate buyers are becoming more active within the Real Estate market. Where there have been small indicators in previous months, the year-over-year data shows buyers are more comfortable entering the market as the conditions are becoming the new normal. Areas like Newmarket, Alliston and further South have tighter inventory, but areas further North have plenty of inventory to choose from. As buyers begin looking for homes, having a Local Realtor®, a negotiation expert willing to stop at nothing to go Full Out For You®, becomes increasingly essential.
The market conditions are very hopeful for sellers waiting to see buyer activity pick up before listing their homes. Sellers who have bought their homes before the price corrections are likely still ahead on their home value, and with minor price adjustments, they are much more likely to find success in listing their homes in 2023.
It remains important to work with a Real Estate team that delivers Exceptional Marketing, from professional staging to state-of-the-art photography and videography services that will help your home stand out from the competition. As the summer market heats up, don’t settle for anything less than the Best Real Estate Experience and a team that will go above and beyond to provide you with an End-to-End Stress-Free Experience.
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