Simcoe & District Real Estate Board

Simcoe & District Real Estate Board MLS® home sales continue to rise in February

The number of homes sold through the MLS® System of the Simcoe & District Real Estate Board totaled 69 units in February 2024. This was a gain of 13.1% (eight sales) from February 2023.

Home sales were 15% below the five-year average and 11.5% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 133 units over the first two months of the year. This was up by 11.8% (14 sales) from the same period in 2023.

“Sales activity and new listings both continued to rise in tandem in February, further buoying our local market as we progress down the road to a recovery,” said Drew Hemsley, President of the Simcoe & District Real Estate Board. “Our membership took a significant step forward by overwhelmingly supporting the creation of the Cornerstone Association of REALTORS® in collaboration with our partners from the REALTORS® Association of Hamilton-Burlington, Waterloo Region Association of REALTORS®, and Mississauga Real Estate Board. Together, we are embarking on an exciting new chapter of organized real estate in Ontario focused on reinforcing the value of local REALTORS®. Our members should take pride in being part of this innovative partnership.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $568,300 in February 2024, a moderate gain of 6.4% compared to February 2023.

The benchmark price for single-family homes was $568,600, increasing by 6.4% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $530,600, a modest decline of 2.9% compared to a year earlier.

The average price of homes sold in February 2024 was $601,867, a minor decrease of 3.9% from February 2023.

The more comprehensive year-to-date average price was $614,405, a small reduction of 1.8% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $41.5 million, increasing by 8.6% from the same month in 2023.

The number of new listings was unchanged from February 2023. There were 152 new residential listings in February 2024.

New listings were 13.9% above the five-year average and 24.2% above the 10-year average for the month of February.

Active residential listings numbered 352 units on the market at the end of February, up by 11.4% from the end of February 2023. Active listings haven’t been this high in the month of February in more than five years.

Active listings were 64.6% above the five-year average and 39.2% above the 10-year average for the month of February.

Months of inventory numbered 5.1 at the end of February 2024, down from the 5.2 months recorded at the end of February 2023 and above the long-run average of 3.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

BOARD & ASSOCIATION INFORMATION

The Simcoe & District Real Estate Board located in Norfolk County was established in 1959 and covers a very diverse and extensive region. Simcoe and District Real Estate Board members are highly trained and knowledgeable about our unique area and all there is to offer.


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SIMCOE & DISTRICT REAL ESTATE BOARD

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For more information, please contact:__
Phone: (519) 426-4454
Fax: (519) 426-9330
executiveofficer@sdreb.com

President
Drew Hemsley

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