Simcoe & District Real Estate Board

Strong demand for MLS® listed homes in Simcoe & District during April

The number of homes sold through the MLS® System of the Simcoe & District Real Estate Board totaled 128 units in April 2024. This was up by 18.5% from April 2023.

Home sales were 14.9% above the five-year average and 8.5% above the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 356 units over the first four months of the year. This was an increase of 7.9% from the same period in 2023.

“Our local market experienced a notable surge in April, reaching its highest sales level since the spring of 2022. April’s total also marks the fourth consecutive month of sales growth. Additionally, new listings have increased at an even faster rate than sales, significantly boosting overall inventory above the long-term averages,” said Drew Hemsley, President of the Simcoe & District Real Estate Board. “This shift provides a welcome increase of choices for buyers, allowing them to find homes that meet their individual needs. Market conditions remain balanced, with ample opportunity for savvy buyers and sellers. Overall, April was an exceptionally strong start to the spring market.”

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 $563,500 in April 2024, a minor decrease of 1.2% compared to April 2023.

The benchmark price for single-family homes was $563,600, a small reduction of 1.2% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $546,800, falling by 2.2% compared to a year earlier.

The average price of homes sold in April 2024 was $641,305, a small reduction of 2.3% from April 2023.

The more comprehensive year-to-date average price was $636,734, decreasing by 1.2% from the first four months of 2023.

The dollar value of all home sales in April 2024 was $82.1 million, a gain of 15.8% from the same month in 2023.

The number of new listings was up sharply by 36.9% from April 2023. There were 271 new residential listings in April 2024. This was also the largest number of new listings added in the month of April in history.

New listings were 40.6% above the five-year average and 46.6% above the 10-year average for the month of April.

Active residential listings numbered 472 units on the market at the end of April, a substantial increase of 35.2% from the end of April 2023. Active listings haven’t been this high in the month of April in more than five years.

Active listings were 72.9% above the five-year average and 53.8% above the 10-year average for the month of April.

Months of inventory numbered 3.7 at the end of April 2024, up from the 3.2 months recorded at the end of April 2023 and above the long-run average of 2.8 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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