As interest rates rise, the average home price in Simcoe County continues to fall

Home prices in Barrie and Simcoe County continued to fall in March, according to the most recent report from the Barrie and District Association of Realtors.

The association reported a decrease of 30.5 percent in Simcoe County and 27.8 percent in Barrie in the number of homes sold in March compared to the same month in 2022.

The affiliation likewise reports that the typical home value keeps on dropping, with the typical expense for a home in Simcoe Region in Spring sitting at $788,907 and in Barrie, the typical home selling for $724,965.

The average price of a home in Simcoe County decreased by 19.4% in comparison to March 2022, and the average price of a home in Barrie decreased by 21.9%.

The average home in Barrie sold for $730,343 just one month prior, representing a 3.2% decline in prices, according to the association’s data.

“The Barrie and District real estate market continues to demonstrate resilience during challenging times as we enter the spring season. The association’s president, Luc Woolsey, stated, “We are encouraged to see a rebound from the previous month even though the number of sales in March 2023 decreased compared to the same period last year.”

The general stock of homes stays well over this time last year, with 2.6 long stretches of stock in Simcoe District and 1.5 months in the City of Barrie.

According to the association, 573 homes were sold in Simcoe County in March 2023, down 30.5% from the previous year.

“Albeit new postings were well underneath the authentic midpoints, the quantity of dynamic postings stayed in accordance with long haul patterns. Overall, the market has stabilized, offering buyers and sellers opportunities in the coming months.