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Demand for homes falls, but inventory remains low, realtors say

The average price of residential units sold during August 2021 in Orillia was $633,455 - almost 39% higher than the average price during the same timeframe in 2020
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NEWS RELEASE
BARRIE AND DISTRICT ASSOCIATION OF REALTORS
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The August 2021 sales information is in, and residential property sales recorded through the Matrix System for the Barrie and District Association of REALTORS (BDAR) region showed a decline in sales year-over-year and month-over-month.

However, the price of residential units sold continued to rise in both categories. This evidences that, while the demand for homes is decreasing, the supply of home still cannot keep pace with the demand for Simcoe County properties.

Month-Over-Month (August 2021 vs July 2021)

Residential Homes

The Housing Price Index (HPI) showed a month-over-month increase of 0.7% from July 2021.

Simcoe County

740 residential units were sold in Simcoe County last month—a 8.6% decrease from July 2021. During the same time a year ago (July 2020 to August 2020), there was an 8.0% decrease in the number of units sold.

The average price of residential units sold last month was $801,703—a 3.2% increase from July 2021. This growth was less than the month-over-month change in average price a year ago (+5.8%).

City of Barrie

205 units were sold last month within the City of Barrie, which was 19.6% less than the number of units sold the month prior. A year ago, the number of units sold between August and July declined 15.5%.

The average price of units sold within Barrie during August 2021 was $748,686. This was 2.6% more than the average price during July 2021. In comparison, the average price of units sold between August 2020 and July 2020 decreased 0.4%.

Orillia

62 residential units were sold in Orillia last month — a 14.8% increase from July 2021. During the same period a year ago (July 2020 to August 2020), there was an 21.9% decrease in the number of units sold. The average price of residential units sold in Orillia last month was approximately $681,072—a 4.8% increase from July 2021. The average price a year ago increased 3.7% from July to August.

Year-To-Date (YTD) (August 2021 YTD vs August 2020 YTD)

All Residential Homes

Simcoe County

7362 residential units were sold in Simcoe County during August 2021 Year-To-Date (YTD) (January 1st, 2021 – August 31st, 2021). This was 23.2% more than what was sold during the same timeframe last year (January 1st, 2020 – August 31st, 2020). The average price of residential units sold during August 2021 YTD was $776,075. This was 35.9% greater than the average price during the same timeframe last year.

Orillia

551 residential units were sold in Orillia from the beginning of 2021 to Aug. 31, 2021. This was 23.0% more than what was sold during the same timeframe last year (Jan. 1, 2020 – Aug. 31, 2020). The average price of residential units sold during August 2021 YTD was $633,455. This was 38.8% greater than the average price during the same timeframe last year. During August 2021 YTD, Orillia accounted for 7.5% of sales in Simcoe County, a 0.0 share points change compared to Orillia’s share in August 2020 YTD.

Year-Over-Year (August 2021 vs August 2020)

All Residential Homes

The Housing Price Index (HPI) showed a 35.0% year-over-year increase between August 2021 and August 2020.

Simcoe County

740 residential units were sold in Simcoe County last month—33.5% less than the same time last year. As well, the average price of residential units sold was $801,703, which was 27.4% greater than that of August 2020.

Orillia

62 residential units were sold in Orillia during August 2021, and this was 17.3% less than the number of units sold during August 2020. This decline was lesser than the 33.5% decline seen in the total Simcoe region. The average price of units sold in Orillia last month was approximately $681,072. This was a 43.3% increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+27.4%). Orillia’s sales made up 8.3% of sales in Simcoe County. This was 1.5 share points more than the same time last year.

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