Simcoe & District Real Estate Board

The number of homes sold through the MLS® System of the Simcoe & District Real Estate Board totaled 111 units in May 2024. This was a decline of 9% (11 sales) from May 2023.

Home sales were 4.5% below the five-year average and 10.3% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 468 units over the first five months of the year. This was up modestly by 3.5% from the same period in 2023.

“MLS® home sales declined in May, retreating to totals seen in late summer/early fall 2023. A sustained influx of newly listed properties in 2024 has tripled the number of new listings per month since the end of 2023. With new listings outpacing sales by a rate of 2.5-to-1, overall inventory surpassed the 500 available home mark for the first-time time since 2015,” said Drew Hemsley, President of the Simcoe & District Real Estate Board. "On the pricing side, the MLS® HPI Composite Benchmark Price increased for the fourth consecutive month. Market conditions have shifted and are now favouring buyers. Given these constantly changing dynamics, we recommend contacting a REALTOR® to help you navigate the shifting landscape of our local 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 $570,300 in May 2024, a small gain of 1.1% compared to May 2023.

The benchmark price for single-family homes was $570,500, increasing by 1.1% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $545,600, down 2.8% compared to a year earlier.

The average price of homes sold in May 2024 was $656,820, a minor increase of 2% from May 2023.

The more comprehensive year-to-date average price was $640,720, a slight reduction of 0.6% from the first five months of 2023.

The dollar value of all home sales in May 2024 was $72.9 million, falling by 7.2% from the same month in 2023.

The number of new listings rose 11.7% from May 2023. There were 277 new residential listings in May 2024.

New listings were 19.9% above the five-year average and 25.1% above the 10-year average for the month of May.

Active residential listings numbered 523 units on the market at the end of May, up sharply by 40.6% from the end of May 2023. Active listings haven’t been this high in the month of May in more than five years.

Active listings were 64.5% above the five-year average and 48.6% above the 10-year average for the month of May.

Months of inventory numbered 4.7 at the end of May 2024, up from the 3 months recorded at the end of May 2023 and above the long-run average of 3 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.