The latest report from the Barrie and District Association of Realtors shows that home prices in Barrie and Simcoe County continue to decline in March.
In March, the association showed that the number of homes sold was down 30.5 per cent in Simcoe County and 27.8 per cent in Barrie compared with the same month in 2022.
The association also reports that the average home price continues to drop, with the average cost for a home in Simcoe County in March sitting at $788,907 and in Barrie, the average home selling for $724,965.
Compared with March 2022, the average house price in Simcoe County dropped 19.4 per cent, and the average price for a home in Barrie dropped 21.9 per cent.
Prices are trending down, with the average home in Barrie selling for $730,343 just one month prior, leading to a 3.2 per cent drop, the association’s data shows.
“As we enter the spring season, the Barrie and District real estate market continues to show resilience amidst challenging times. While the number of sales in March 2023 decreased compared to the same period last year, we are encouraged to see a rebound from the previous month,” said Luc Woolsey, president of the association.
The overall inventory of homes remains well above this time last year, with 2.6 months of inventory in Simcoe County and 1.5 months in the City of Barrie.
The association said 573 units were sold in March 2023 month in Simcoe County, 30.5 per cent fewer than last year.
“Although new listings were well below the historical averages, the number of active listings remained in line with long-term trends. Overall, the market has stabilized, providing opportunities for both buyers and sellers in the coming months.”