Spring has traditionally been a busy time for buyers and sellers, and March 2022 was no exception.
If you sold your home in Barrie last month, you got 29.1% more for it than those who sold last March. Across all of Simcoe County, that increase also hovered around 30%.
Although there was a 37.4% decrease in sold units compared to last year, remember that March 2021 experienced an unprecedented boom in the real estate market. Compared to last month, there’s been a 4.6% and 26% spike in Barrie and Simcoe County, respectively, demonstrating a strong surge this year.
Inventory also increased in March, with 800 active listings across the region; this means that months of inventory (MOI) sits at 1.0 compared to 0.4 last March.
MOI is a stat that reflects how much time it would take to sell through every listing on the market (assuming no new inventory is added, and the homes continue to sell at a similar rate). As of March 2021, that number was under two weeks. While one month of inventory is still tight, it’s not unusual for the spring real estate market and is a marked improvement over last year. In fact, new listings are up more than 60% in Simcoe County and almost 66% in Barrie this month compared to last.
What does this mean for you? Well, if you’re a seller, average sale prices have never been better so now is an ideal time to enlist a local real estate team to get your home sold. It also means that sellers who have been holding off listing their home for fear that they won’t find their next property in time to move have more to choose from.
If you’re a buyer, more selection is encouraging and an inventory increase helps balance the market over time. That said, we understand it’s tough out there, and we’re here for you.
The Peggy Hill Team is here to get you REAL RESULTS on your real estate journey. Let’s talk. Home evaluations are always free. Connect with our team and let’s get started!