Monthly Market Update: September 2022/2021

As the seasons turn and fall 2022 is upon us, the market continues in a similar year-over-year trend, however, there are some signs of change on the horizon. We’ll break down each market compared to September 2021 and take a look at what these stats mean for sellers and buyers as we move into the remainder of 2022. 

New Listings

In most areas north of Newmarket, September saw an increase in new listings, with some areas seeing as much as 50% more new listings year-over-year. This could be due to last year’s inventory shortage, making for a much tighter market. However, areas south of Newmarket are a much different story, with nearly 20% fewer new listings in many areas compared to September 2021.

Homes Sold

Home sales remain down compared to September 2021, with most markets seeing around 50% fewer home sales. This has been consistent over the past few months, with homes spending a bit more time on the market and some hesitancy from buyers with the recent interest rate increases. 

Average Sale Price

Despite the number of sales dropping year over year, sale prices are still holding strong. Most markets are only seeing a minor decrease in pricing as the market correction is taking place. Wasaga Beach continues to be an outlier as prices have seen an increase year-over-year. 

Days To Sell

Homes are spending much more time on the market overall compared to September 2021. For markets south of Newmarket, most homes are taking around 10 days longer to sell than this time last year, but for areas further north, homes are staying on the market for 20-40 days longer than they would have last year. This means sellers will have to prepare themselves and their homes for more time on the market. 

Regional Breakdown:

Barrie and Area:

With 246 new listings hitting the market in September 2022, this Barrie and the surrounding areas have seen a 48.2% increase in inventory compared to last year. Home sales remain down, with 91 homes sold in September, which is a 31.6% decrease year-over-year. The Barrie area has seen a minor dip in pricing, with the average sale price reaching $763k. This is about a 5.8% decrease compared to sale prices in September 2021. Homes in Barrie and area are staying on the market much longer than they did this time last year, with homes selling firm in an average of 51 days, which is 20 days more than September 2021. 

Midland and Area

Midland and area also saw a sizeable increase in new listings, with 182 new properties listed in September. This is 24.7% more new inventory compared to last September, which saw very low inventory levels. Like most of Southern Ontario, Midland and surrounding areas saw 47% fewer home sales compared to last year, with 53 homes going firm. The average sale price in Midland decreased by 7.1% in September, with the average sale price reaching $672k. Homes in Midland sold firm in approximately 51 days in September, which is 26 more days on the market than in September 2021. 

Collingwood and Area

Collingwood and the surrounding areas saw a surplus of new listings in September compared to this time last year. 393 homes hit the market in September, which is 50% more new inventory than in September 2021. In contrast, with 118 homes sold, approximately 43.3% fewer homes were sold year-over-year. Despite the lack of sales, home prices in Collingwood are holding relatively steady, with a 4.1% dip in prices. The average sale price in Collingwood was $864k. In addition, homes are spending 27 more days on the market than they did in 2021, with homes selling firm in 58 days on average.

Alliston and Area

With 184 new listings coming available in September, Alliston and the surrounding area saw 26% more inventory than in September 2021. Remaining consistent with the rest of Southern Ontario, home sales in Alliston and area are down by 46.1%, with 62 sales in September. The average sale price in Alliston in September was $969k, which is only a 0.8% dip compared to 2021. Homes in Alliston are staying on the market a bit longer in Alliston, with properties selling firm in 38 days, which is 19 days more than in 2021. 

Wasaga Beach

Wasaga Beach also saw an increase in new inventory in September 2021, with 57.5% more new inventory than this time last year. Fewer home sales are also the story in Wasaga Beach, with approximately 33.9% fewer homes sold in September compared to last year. In stark contrast to many markets in Ontario, home prices are up in September, with sellers seeing gains of 11.2% year-over-year. The average sale price in Wasaga Beach reached $761k. Homes are also staying on the market longer in Wasaga Beach, with homes selling firm in 63 days on average. This is 37 days more than September 2021.  

Newmarket

Unlike many markets, Newmarket remains tight for inventory and saw an 18.9% decrease in new listings in September compared to this time last year. It remains consistent with the rest of Southern Ontario, with 45.5% fewer homes sold compared to September 2021. Prices remain strong in Newmarket, only seeing a 2.5% dip in the average sale price, which is just over $1.1M. Homes are staying on the market a bit longer, with homes selling in approximately 18 days, which is 9 days slower than in 2021.

Vaughan

Vaughan also saw fewer new listings hit the market in September 2022 compared to last year. 544 new listings became available, which is a 12% decrease in new inventory year-over-year. Home sales are down in Vaughan, which is consistent with the rest of Ontario, with 50.6% fewer home sales. The average sale price in Vaughan in September was $1.2M, dipping slightly compared to September 2021 by about 9.4%. Homes are selling firm in Vaughan in 26 days, which is just 7 days slower than in September 2021. 

What Does This Mean For Sellers?

Sellers should continue to prepare for their homes spending a bit more time on the market. With the increase in inventory levels in areas north of Newmarket, sellers will want to ensure that their home is being marketed exceptionally if they want their home to stand out from the rest. Pricing remains strong, although we will likely continue to see them dip lower. Those Sellers looking to come off the market and sit and wait may be sitting for some time and likely will not eclipse the pricing we are seeing today. The market is showing signs of balancing out as new inventory will continue to trend downward month over month. 

Choosing a Real Estate Team that will go above and beyond to ensure that your home stands out and sells for a fair price has never been more important. 

What Does This Mean For Buyers?

With another potential interest rate increase before this year’s end, first-time buyers who have been debating making a purchase should lock in their rates and pull the trigger on a home before rates increase again. While inventory is starting to dip month-over-month, especially in areas south of Newmarket, buyers still have plenty of options when it comes to finding a home within their budget. 

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