Simcoe County Real Estate Market Update - October 2024

Simcoe County Real Estate Market Update - October 2024

As we approach the end of 2024, Simcoe County's real estate market continues to showcase resilience and stability. Here's an in-depth look at how the market performed in October 2024, along with year-to-date trends that help frame the bigger picture.

October 2024 Market Highlights

Total Sales and Pricing Trends
Simcoe County recorded 660 home sales in October, contributing to a dollar volume of $656.8 million. The average home price stood at $843,640, while the median price came in at $767,750, reflecting a balanced market.

• Detached Homes: With 504 units sold, detached homes made up the majority of sales. The average price for a detached home was $903,581, while the median price was $825,000.
• Semi-Detached Homes: A more affordable option, semi-detached homes saw 25 transactions, averaging $790,948.
• Condo Townhouses: These properties averaged $541,208 from 24 sales, providing an entry-level option for buyers.
• Condo Apartments: Offering urban convenience, condo apartments achieved an average price of $559,294, with 38 units sold.

Market Activity
Simcoe County saw 1,718 new listings in October, while active listings reached 3,436, ensuring a variety of choices for buyers. The Average Sale-to-List Price Ratio (SPLP) was 97%, highlighting a market where sellers are achieving close to their asking prices. Homes spent an average of 38 days on the market (LDOM), signaling a balanced pace of transactions.

Year-to-Date (YTD) Performance in 2024

The cumulative market performance from January to October paints a broader picture:

• Total Sales: 5,981 transactions have taken place so far in 2024, with a dollar volume of over $5 billion.
• Average and Median Prices: The average home price YTD is $847,229, while the median price is $775,000, underscoring consistent growth.
• Property Type Breakdown:
  • Detached homes dominated sales with 4,419 transactions, averaging $916,882.
  • Semi-detached homes recorded 210 sales, averaging $721,661.
  • Condo townhouses and apartments combined for nearly 1,100 sales, offering affordability and modern living options.

Key Insights and Trends

1. Affordability Matters: Condo apartments and townhouses continue to be popular among first-time buyers and those looking for urban living, with their average prices well below the county average.

2. Stability in Pricing: With an SPLP ratio of 97% and steady pricing trends, the market remains balanced. Sellers are pricing properties realistically, and buyers are finding value in their investments.

3. Inventory Levels: While inventory has slightly increased with 1,718 new listings in October, the market continues to offer competitive opportunities for buyers and sellers alike.

4. Detached Homes Lead the Way: Detached homes remain the cornerstone of Simcoe County’s real estate market, reflecting the preferences of families and upsizers seeking more space and privacy.

Looking Ahead

As we move into the final months of 2024, the Simcoe County real estate market is expected to maintain its balanced dynamics. With potential economic shifts on the horizon, such as changes in interest rates or new housing developments, now could be an excellent time for both buyers and sellers to capitalize on market opportunities.

Whether you're looking to buy your dream home, downsize, or invest in Simcoe County real estate, staying informed is key to making the best decisions.

For a personalized consultation or more insights into Simcoe County’s housing market, reach out to Engel & Völkers One Group. We’re here to help you achieve your real estate goals with expertise and excellence.