Simcoe & District MLS® home sales below average in April
The number of homes sold through the MLS® System of the Simcoe & District Real Estate Board totaled 105 units in April 2023. This was a moderate decrease of 8.7% (10 sales) from April 2022.
Home sales were 3.3% below the five-year average and 7.7% below the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 336 units over the first four months of the year. This was a decline of 22.9% from the same period in 2022.
“The pace of MLS® home sales remained moderate in April, falling toward the lower end of pre-pandemic levels for this time of year. Despite hopes that the market would pick up with a wider range of homes to choose from, this has not yet materialized,” said David Puddy, President of the Simcoe & District Real Estate Board. “However, the number of newly listed properties in April was above average for the month, which helped to stabilize overall inventory. Active listings at the end of the month were above both the five- and 10-year averages. Although sales decreased slightly from March, the market conditions in our region remained balanced.”
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 $569,500 in April 2023, a decrease of 15.3% compared to April 2022.
The benchmark price for single-family homes was $569,600, down by 15.3% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $556,800, a decrease of 19.3% compared to a year earlier.
The average price of homes sold in April 2023 was $662,030, a decline of 7.5% from April 2022.
The more comprehensive year-to-date average price was $653,678, down by 12% from the first four months of 2022.
The dollar value of all home sales in April 2023 was $69.5 million, a decrease of 15.5% from the same month in 2022.
The number of new listings saw a moderate decrease of 4.4% (nine listings) from April 2022. There were 196 new residential listings in April 2023.
New listings were 12.8% above the five-year average and 10.5% above the 10-year average for the month of April.
Active residential listings numbered 343 units on the market at the end of April, more than double the levels from a year earlier, rocketing up 104.2% from the end of April 2022. Active listings haven’t been this high in the month of April in more than five years.
Active listings were 44.4% above the five-year average and 7.4% above the 10-year average for the month of April.
Months of inventory numbered 3.3 at the end of April 2023, up from the 1.5 months recorded at the end of April 2022 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.
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.
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.
SIMCOE & DISTRICT REAL ESTATE BOARD
For more information,
Phone: (519) 426-4454
Fax: (519) 426-9330