April Stats Blog
While the weather in April warmed up, the real estate market cooled off slightly compared with last month. Despite a significant drop in the number of home sales in April year-over-year, both the average sale price and home inventory are up significantly and are indicators of market health.
Year-over-year home sale prices skyrocketed
The selling price of the average Barrie home last month was $894,160. While this is a 3.9% decrease from March, it is a 23.1% increase over last year. These trends are reflected in Simcoe County’s market as a whole, with the average sale price down 7.2% since March but still up 17% compared to last year.
Home inventory is up
This month saw an increase in units listed in Barrie but also the region as a whole compared to April of last year. As of May 5th, there were over 1,000 active listings in Simcoe County, up 26% over March of this year. Months of inventory (MOI), which reflects how long it would take to sell through all home inventory on the market (assuming no new units are listed), is up 60% month-over-month and has more than tripled in the past year, increasing from 0.5 in April 2021 to 1.6 in April 2022.
What does this mean for you?
While a 44.9% decrease in sales may appear on the surface as a stomach-dropping plummet, in fact it brings levels to the low end of normal from the record-breaking numbers we saw last year. In a season where things were anything but average, a return to “normal” is welcome.
While increased prices make it a great time to sell, buyers have many more options to choose from with the rising number of homes being listed.
The market is still red hot. With home prices and new inventory both up in Barrie and Simcoe County, now is a great time to work towards achieving your real estate goals. The Peggy Hill Team is here to help. Connect with our team to get a free home evaluation, learn more about our services, or find out how we can help you navigate the market. Let’s talk. Fill out the form below, or call us to start the conversation.