Simcoe County Real Estate Market Update: December Recap
As we wrapped up 2024, Simcoe County’s real estate market showed some interesting shifts. Whether you're planning to buy, sell, or invest, these trends can help you stay ahead. Let’s break down what happened in December and what it could mean for you going forward!
Key Market Highlights: November vs. December
Here’s a snapshot of the major changes between November and December:
What’s Driving These Changes?
🔻 Fewer Sales and New Listings
In December, the number of sales dropped to 125, down from 185 in November. This isn’t unusual for the holiday season, as many sellers and buyers take a break from the market during the winter months. We also saw new listings shrink significantly, from 389 in November to just 169 in December.
With fewer homes available, buyers have limited options, which can lead to increased competition for the properties that are on the market.
🔺 Price Increase
Despite the slowdown in sales activity, the average home price surged to $975,356, up from $905,208 in November. This could be due to fewer listings leading to more competitive bidding, especially for well-maintained, move-in-ready properties. It’s also possible that higher-priced homes made up a larger share of the market this month.
🔺 Days on Market (DOM)
Homes took longer to sell in December, with the average DOM rising to 71 days, compared to 64 in November. This is another typical seasonal pattern. Buyers often move more cautiously during the winter, leading to extended listing periods.
What Does This Mean for Buyers?
If you’re in the market to buy, fewer listings may mean increased competition, but the longer days on market could give you some negotiation power. Be prepared to move quickly if you find a property that meets your needs since inventory remains tight.
What Does This Mean for Sellers?
With average prices on the rise and fewer homes listed, December might have been a missed opportunity for some sellers who chose to wait until spring. If you’re thinking about listing soon, now might be a good time to prepare. The limited inventory is keeping prices strong, and serious buyers are still out there.
Looking Ahead to 2025
The new year is expected to bring renewed market activity, with more listings likely hitting the market as we move toward spring. The recent interest rate cut could also increase demand, bringing more buyers to the table.
Our advice? Stay informed, whether you're buying or selling. Market shifts can happen fast, and staying ahead can help you make the most of your real estate goals.
Need Expert Advice? Let’s Chat!
At The Valencia Team, we’re here to help you navigate Simcoe County’s dynamic real estate market. Whether you’re curious about your home’s value, thinking of buying, or considering an investment, we’ve got you covered.
Reach out today for a personalized consultation. Here’s to a successful 2025 in real estate! 📞🏡
