Monthly Market Update: November 2023/2022

Has the Real Estate market cooled with the chill of November? The stats are in for November 2023, and there have been some interesting developments in your local Real Estate market. We’re sharing the stats to empower you to make informed decisions in this ever-changing Real Estate market. There are some trends, surprises, and anomalies we think you should know about. We’re here to break down the stats and what they mean for buyers and sellers moving forward in the coming months. But first, do you want to find out what your home could be worth in today’s market? Don’t miss our easy, Free, No Obligation Home Evaluation Tool that gives you an accurate estimate of what your home could sell for today.  

REGIONAL BREAKDOWN 

Barrie and Area 

Barrie and the surrounding area saw a 9.2% increase in new inventory with 441 new homes hitting the market in November. Year-over-year sales have decreased in the Barrie area by 25.5% with 160 properties sold last month. Despite the slowdown in sales, the average sale price in the Barrie area have held steady at over $768k showing just a marginal 0.8% dip from November 2022. Homes in Barrie and the surrounding area are spending an extra three days on the market than they were this time last year, with homes selling firm in 59 days on average.  

Orillia and Area 

Orillia and the surrounding area saw a substantial increase in new listings in November compare d to this time last year. With 171 new listings available last month, this represents a 36.8% increase in new inventory from November 2022. Sales are down year-over-year for the Orillia area with 62 homes sold. Prices have remained very consistent year-over-year, seeing just a 3.2% decrease in the average sale price for the area. The average sale price for Orillia was over $729k for November 2023. Consistent with most of Southern and Central Ontario, Orillia is seeing homes on the market longer than this time last year. Last month, homes in the Orillia area sold firm in 64 days on average, which is 4 days slower than in November 2022.

Midland and Area 

The Midland area saw a minor decrease in new inventory when compared to last November, with 131 new properties coming available. With that said, home sales have stayed the same from this time last year with 51 deals last month. The average sale price in Midland has softened by 12.3% compared to November 2022. Last month, the average sale price for Midland and the surrounding area reached well over $576k. Homes in Midland are selling a bit faster than they were in 2022, with homes selling firm in the Midland area in 61 days on average, which is 9 days faster than this time last year.

Collingwood and Area 

November brought a surge of new inventory to Collingwood and the surrounding area with 318 new properties hitting the market, an impressive 46.5% increase from last year. Sales have moderated in the area, however, with 89 homes sold last month. The Collingwood area also experienced a softening of home prices, with the average sale price at over $785k. Homes in Collingwood are spending a bit longer on the market than they did in November 2022, with homes selling firm in 95 days on average, which is 29 days longer than this time last year.

Wasaga Beach 

Wasaga Beach had a 24.6% increase in new inventory from November 2022, with 81 new homes available last month. Home sales have remained consistent year-over-year with 29 properties sold in November 2023, which reflects the same number from this time last year. Sellers in Wasaga Beach saw gains upwards of 11.3% year-over-year as the average sale price reached over $770k. Consistent with many areas north of the GTA, homes in Wasaga are spending more time on the market than they did in recent years, with homes selling firm in 103 days on average.

Alliston and Area 

Alliston and the surrounding area had a quieter month of November when it came to new listings, with 135 new properties hitting the market. This is down 17.2% from November 2022. Sales in Alliston are down as well compared to last year’s stats, with 46 homes sold. Despite the slowdown, prices are holding steady in the Alliston area with sellers seeing year-over-year gains upwards of 3.7%. The average sale price in Alliston was just over $968k. Homes in the Alliston area are taking a bit longer to sell than they did in November 2022, but just by three days. Homes in the area sold firm in 37 days on average.

Newmarket 

Newmarket had a generous 26.4% increase of new listings from this time last year with 158 new homes available. Despite this new inventory, home sales are down year-over-year in the area with 64 properties sold. Home sales in Newmarket have remained consistent, seeing just a marginal 2.2% decrease from last November. In Newmarket, the average sale price in November was well over $1M. Homes are spending 5 days longer on the market than they were this time last year, but Newmarket homes are still selling fairly quickly compared to most regions within Southern and Central Ontario with homes selling firm in 26 days on average.

Vaughan 

Plenty of new inventory hit the market in Vaughan in November 2023, with 565 new properties becoming available. This represents a 34.5% increase compared to November 2022. Sales are also up in Vaughan by 2% with 205 homes sold last month. Prices have held steady, with just a 1.2% decline in price from last November, though the average sale price is still well over $1.3M. Homes in Vaughan are selling in 26 days on average, which is identical to the November 2022.

WHAT DOES THIS MEAN FOR BUYERS?  

Buyers actively looking for a new home will be pleased that several areas within Southern and Central Ontario have seen a substantial number of new listings, which means they will have plenty of opportunity to secure a home with everything they need. But to do that, you will need the right team by your side who are negotiation experts and can give you the Professional Guidance you need to navigate this ever-changing local market. If you have been waiting to search for a new home, now is an excellent opportunity to start the process and secure your rates. The news that the Bank of Canada is maintaining its current rates may have increased some buyer activity, so prioritize getting your Best Real Estate Experience (after all, you deserve the very best!) with a team of experts who can deliver the results you deserve.   

WHAT DOES THIS MEAN FOR SELLERS?  

With the recent interest rates announcement, buyer activity may pick up despite the numbers reflecting a bit of a decrease in sales for the month of November. We’ll monitor this closely going forward, but as more new inventory becomes available, sellers may have to contend with a bit more competition. If you have been debating putting your home on the market but are holding off on your plans, we have some great news. With the right team to guide you through the process and deliver an Exceptional Marketing plan, your home will stand out from the competition, and you will be able to sell your home quicker and for more value. When you work with Faris Team, you work with a team of experts in everything from Professional Home Staging, Exceptional Photography and Videography, and Digital Marketing to ensure that your home gets seen by interested buyers. Our Professional, Loving, Local Realtors^® know your local market better than anyone and are committed to going full out^® for our clients and providing the Best Real Estate Experience in the World.

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.  

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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.