Monthly Market Update: September 2023/2022

Summer is behind us, and fall is here. If September sets the tone for the autumn months to come, some interesting trends are at play. Inventory is up in most areas in Southern and Central Ontario, and although sales have dipped in some areas, prices have held steady in most regions and have even increased in a few areas. Keep reading to find out how the market performed in your area as we deep dive into the stats and explain what this means for you and your Real Estate goals.

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REGIONAL BREAKDOWN 

Barrie and Area 

Barrie and the surrounding area saw a dip in new listings hitting the market in September, with 591 new homes hitting the market, an 8.2% decrease from September 2022. Sales were also down in September, with 190 homes sold last month. Despite the year-over-year stats showing a slight decrease in overall activity, prices in the Barrie area have remained steady compared to last year. The average sale price in Barrie and the surrounding areas was $800,201, where sellers saw gains upwards of 1.9%. Homes are also spending one day less on the market than last year’s average numbers. Homes in the Barrie area sold firm in 49 days last September.  

Orillia and Area 

The Orillia area saw a slight increase in new listings compared to this time last year. With 260 new properties that came available last month, this represents a 6.1% increase year-over-year. Sales are also marginally higher than they were in September 2022, with 91 deals last month. The average sale price was $805,343 in the Orillia area, which is up 6.3% from September 2022. However, homes in this area are spending a bit more time on the market than they were this time last year. The average home sold firm in 57 days on average, which is 6 days slower than in 2022. 

Midland and Area 

Midland also had a small year-over-year increase of new inventory hitting the market, with 191 new properties available, up 4.9% from September 2022. On the other hand, sales saw a bit of a dip as there were 47 homes sold in Midland and the surrounding areas. Despite the dip in sales, prices have also held steady year-over-year. With the average sale price reaching $675,238 this September, sellers saw gains upwards of 0.4% from last year. However, homes are selling 23 days slower in the Midland area, with homes going firm in 73 days on average.

Collingwood and Area 

Collingwood and the surrounding area saw an impressive uptick in new listings hitting the market in September. With 481 new homes hitting the market last month, new inventory was up 21.2% from September 2022. Sales saw a similar increase from last year, with 146 homes sold last month, up 22.7%. Prices have held steady in the Collingwood area, seeing only a marginal dip in the average sale price of $843,952 in September. This is just a minor 2.6% decrease from September 2022. Like most areas north of the GTA, homes are spending a 16 days longer on the market than in September 2022, with homes selling firm in 74 days on average in the Collingwood area. 

Wasaga Beach 

Wasaga Beach has a 7.8% increase in new listings from September 2022, with 125 new homes coming available. Sales are up as well compared to last year. With 51 homes sold, this represents a 45.7% increase from this time last year. Prices have dipped year-over-year in Wasaga Beach, with the average sale price at $683,825. This is down 10.2% compared to September 2022. Homes are also taking a bit longer to sell in Wasaga Beach, which is a common trend in most areas around Simcoe County, with homes selling firm in 85 days on average.   

Alliston and Area 

Alliston and the surrounding area had a 10% decrease in new listings from last September, with 215 new homes hitting the market. Sales are also down a fair bit in Alliston, with 59 homes sold, marking a 28% decrease year-over-year. Despite this slowdown, Alliston sellers are seeing gains up to 9.3% in price from last year. The average sale price in the Alliston reached over $1M in September 2023. Not only that, but homes in Alliston are selling a little bit faster than this time last year, with homes selling firm in 35 days on average.

Newmarket 

The city of Newmarket had a surge of new inventory in September 2023. With 214 new homes coming available, new listings are up 50.7% from this time last year. Sales have seen a bit of a dip of 10.4%, with 60 sales in September. In addition, prices have also seen a minor decrease from September 2022, as the average sale price in Newmarket was up over $1M, a 3.6% dip from 2022. Homes are still selling quite quickly in Newmarket as the average home sold firm in 17 days in September, one day faster than September 2022. 

Vaughan 

Vaughan also had a remarkable uptick in new listings this past September, with 757 new homes becoming available. This is up 39.2% from back in September 2022. Home sales, however, are down 19.4% year-over-year, with 174 homes sold last month. Despite the minor slowdown in sales, prices appear to be on the rise in Vaughan. The average sale price was up over $1.3M,

WHAT DOES THIS MEAN FOR BUYERS?  

Buyers who have been waiting for new inventory have a great opportunity this month to find their ideal new home. So many regions have seen an increase in new inventory. Despite the influx of new inventory, sales have also dropped in many areas, indicating buyers may have less competition in those regions, especially now that the busy summer season is behind us. On September 6, the Bank of Canada decided to pause their previous agenda for increasing rates but have left the door open to future increases. This means that if you are on the fence about purchasing, pulling the trigger now can save some money should they go up again in future months.   

WHAT DOES THIS MEAN FOR SELLERS?  

Now that we are out of the typically busy season for sales and autumn is upon us, it is more important than ever that sellers work with a team who will ensure their home stands out from the competition. Especially as new inventory has increased in many regions, competition may be a bit higher. This is where having Exceptional Marketing truly makes a difference. Professional Photos and Videos, Home Staging, Premium Feature Books and a proven marketing strategy will make a tremendous difference in your Real Estate Experience this fall. When you work with Faris Team Real Estate Brokerage, you are working with a team of Professional, Loving, Local Realtors^® who live where you live and know the Real Estate market better than anyone. We have a proven system and will stop at no ends to help our clients reach their goals, which is why we offer our Best Experience Guaranteed. We stand behind our services and our promise to go full out^® for our clients, which means that you can cancel our agreement at any point at no additional cost.

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