MLS® home sales in Simcoe and District rebound in September
The number of homes sold in Simcoe & District via the MLS® System of the Cornerstone Association of REALTORS® (Cornerstone) totaled 94 units in September 2024. This was a gain of 10.6% (nine sales) from September 2023.
Home sales were 15.2% below the five-year average and 16.3% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 819 units over the first nine months of the year. This was down modestly by 1.4% (12 sales) from the same period in 2023.
“MLS® home sales were up, both from last month and from the same time last year. However, while we are seeing some solid gains, sales are still a bit below what we typically expect in September,” said Drew Hemsley, Cornerstone spokesperson for the Simcoe and District market area. “New listings came in slightly higher than expected, making it an unusually strong month for fresh inventory. The MLS® HPI Benchmark Price was up from last year and has climbed nearly 5% from the end of 2023. Market balance remains tilted slightly towards buyers, continuing the same trend we have been seeing since the spring.”
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 $585,200 in September 2024, increasing by 1.5% compared to September 2023.
The benchmark price for single-family homes was $585,500, a modest gain of 1.6% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $557,200, nearly unchanged, down only 0.2% compared to a year earlier.
The average price of homes sold in September 2024 was $633,279, an increase of 5.7% from September 2023.
The more comprehensive year-to-date average price was $636,158, a slight gain of 0.4% from the first nine months of 2023.
The dollar value of all home sales in September 2024 was $59.5 million, increasing by 16.8% from the same month in 2023.
The number of new listings saw a modest gain of 3.8% (nine listings) from September 2023. There were 246 new residential listings in September 2024. This was also the largest number of new listings added in the month of September in history.
New listings were 16.8% above the five-year average and 32.5% above the 10-year average for the month of September.
Active residential listings numbered 600 units on the market at the end of September, up sharply by 31% from the end of September 2023. Active listings haven’t been this high in the month of September in more than a decade.
Active listings were 70.2% above the five-year average and 70.3% above the 10-year average for the month of September.
Months of inventory numbered 6.4 at the end of September 2024, up from the 5.4 months recorded at the end of September 2023 and above the long-run average of 3.5 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
Cornerstone Association of REALTORS® is a brand-new, novel association formed on July 1, 2024. Representing REALTORS® serving in the markets of Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County and surrounding areas, it is Ontario’s second-largest real estate board comprised of nearly 9,000 REALTORS®. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association and identify the quality of services provided by real estate professionals who are members of CREA. Used under license. More information at https://www.cornerstone.inc/
For more information,
please contact:__
Phone: (519) 426-4454
Fax: (519) 426-9330
executiveofficer@sdreb.com
Drew Hemsley