Monthly Market Update: November 2022/2021

With the winter season (certainly the wintry weather) upon us in November 2022, some markets have begun to experience a typical seasonal slowdown. While most markets have consistent year-over-year stats with sales down and prices slightly softening, some markets experienced few anomalies during the month of November.

New Listings

Last November saw uncharacteristically low inventory, so this could be a correction in the market as inventory levels are up year-over-year in some areas, though not everywhere. For example, areas north of Newmarket generally saw an increase in new inventory compared to November 2021. Conversely, York Region, including both Newmarket and Vaughan, saw a dip in new inventory in November.  

Average Sale Price

Prices have dipped across the board by around 10% compared to November 2021. While 2021-2022 saw a decrease, most markets are on an upward trend from previous years, suggesting that this price softening is mostly a correction. Of course, there have been some outliers, including the Collingwood area and Wasaga Beach, which saw an increase in pricing compared to last November.

Days to Sell

The length of time that homes spend on the market is up significantly, and this is consistent across all markets. Comparatively, areas like Vaughan and Newmarket saw highly competitive markets this time last year with tight inventory levels and quicker sales and are finding homes on the market for the shortest amount of time before selling firm.

Regional Breakdown:

Barrie and Area

After November 2021 saw uncharacteristically low inventory, new listings were up by 16.5% this November. Home sales remain down compared to this time last year, with 213 sales in Barrie and the surrounding area, and prices have softened, with the average sale price reaching $775k. Homes are on the market much longer than last November, with homes selling firm in approximately 56 days on average. This is 39 days more than this time last year.

Orillia and Area

New listings are also up year-over-year in Orillia and the surrounding area, with 125 new properties hitting the market. This is an 8.7% increase in new inventory compared to November 2021. However, home sales in Orillia are down by 17.9% year-over-year with 92 sales, and prices have dipped by 11.0%, with the average sale price at $753k. Like most areas in Ontario, homes in the Orillia area are spending more time on the market than in November 2021, with homes selling firm in 60 days on average. This is 36 days longer than last November, when homes were selling in just 24 days.

Midland and Area

Midland and the surrounding areas saw quite a bit more inventory compared to last November. With 136 new properties becoming available, there was 52.8% more new inventory compared to November 2021, when inventory levels were quite low. Like much of the region, sales remain down year-over-year, with 52 properties sold in November 2022. Prices have also softened in Midland, with the average sale price reaching $656k, which is down 9.6% compared to last year. Days on the market could be a factor in sales as homes are on the market longer than they were this time last year. Homes in Midland sold firm in 72 days on average, which is up 41 days from November 2021.

Collingwood and Area

More inventory was also available in Collingwood and the surrounding area compared to last November. 216 new listings hit the market in November 2022, which is up 9.1% year-over-year. Despite the new inventory, home sales are down by 40.5% in the Collingwood area, consistent with many Southern Ontario areas. Remarkably, prices in Collingwood and the surrounding area have increased year-over-year, with the average sale price reaching $1M, which is a 6.2% gain for sellers. Homes are selling in approximately 67 days on average, which is up 34 days compared to last year, but comparable to most regions in Ontario at this time.

Alliston and Area

Unlike many areas in Ontario, Alliston and the surrounding areas saw a marginal decrease in new inventory compared to November 2021. With 104 new properties coming available, inventory dipped by 1% compared to last year. Home sales remain down year-over-year, with the Alliston area seeing 49 sales in November. Prices have also softened in Alliston, with the average sale price in November 2022 at $945k. Homes stay on the market twice as long as they were in November 2021, with homes going firm in 34 days on average.  

Wasaga Beach

Wasaga Beach also presents a bit of an anomaly among the markets we serve, with a 62.5% increase in new inventory year-over-year. With 29 homes sold in Wasaga in November, sales are down 29.5% year-over-year. Despite the decreased sales, the average sale price has increased by 1.9% to $692k. What has remained consistent in Wasaga Beach is that homes are on the market much longer than in previous years, with homes selling firm in 55 days on average, which is 23 more days than in November 2021.

Newmarket

Listings from Newmarket and south dipped slightly in November, with 3.1% fewer new inventory coming available in November for Newmarket. Home sales are down by 39.3%, which seems to be the continued story across the board for Southern Ontario. Prices have also begun to soften in Newmarket, with the average sale price shy of $1.1M, which is an 11.8% dip from last November. While homes are staying on the market longer in Newmarket, with homes selling firm in 21 days, this seems to be a bit faster compared to most markets in Southern Ontario.

Vaughan

Vaughan also saw a decrease in new inventory when compared to November 2021. With 420 homes hitting the market, this is a 10.6% decrease compared to last year. Sales are also down in Vaughan by 48.7%, with 202 properties sold in November 2022. Compared to this time last year, Prices have decreased by a marginal 3.4%, with the average sale price still at $1.3M. And while homes are selling 12 days slower than in November 2021, Vaughan is still seeing inventory move faster than most markets, with homes selling firm in 26 days on average.

What Does This Mean For Buyers?

An uptick in inventory is always great news for buyers as it increases their chances of finding their next new home. In addition, fewer home sales indicate less competition for buyers looking to find a home that fits their needs. Whereas buyers were faced with bidding wars this time last year, there are now openings for buyers to negotiate. Softened price points also indicate that now is a great time to purchase a home if you have been on the fence.

What Does This Mean For Sellers?

Sellers who have owned their homes for several years may not see the same gains as they would have in 2021, but overall will still see an increase in home value. People need to move for various reasons, and if you have an expert team on your side, your home will be able to stand out from the competition. Contrary to popular opinion, listing your home during the holidays and the winter months has many advantages. Talk to your Professional, Loving, Local Realtor^® at Faris Team, who will go full out^® for the sale of your home.

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, send us an email or book an appointment.

There’s absolutely NO OBLIGATION. Consultations with our team of experts are FREE.

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.