RE/MAX NATIONAL HOUSING REPORT FOR JANUARY 2023
Home Prices Almost Back Where They Were a Year Ago as New Listings Surge
Simcoe County takeaway
While this report reflects national trends, the implications in Simcoe County are familiar: more listings coming to market, buyers taking a measured approach, and sellers needing realistic pricing and preparation.
In communities like Barrie, Innisfil, Oro-Medonte, and Orillia, this shift often translates into longer decision windows, more conditional offers, and greater emphasis on property condition and strategy.
Balanced markets reward those who plan ahead rather than react.
January’s Median Sale Price of $385,000 was down 1.0% from December, marking the seventh consecutive month of price declines.
Year over year, the January 2023 figure was just 1.3% higher than this same time last year – an indication home prices are moderating.
At the same time, the number of homes for sale was 59.4% higher than a year ago in the report’s 51 metro areas,
fed by a month-over-month increase in new listings of 39.8%.
This month’s gain in new listings was higher than any month last year, with the biggest month-over-month increase in 2022 occurring in March with a gain of 27.7%.
Even with the surge in new listings, home sales declined 26.7% from December and 35.2% year-over-year.
“Home price appreciation seems to have stabilized, and along with additional inventory and longer average days on market, that’s good news for buyers,” said
Nick Bailey, RE/MAX President and CEO.
“Buyers have more choices, and more time to identify the right house and work with their agent to negotiate with the seller.
All of these are positive signs, putting both buyers and sellers in a more balanced position.”
RE/MAX agents across the U.S. are seeing signs of rebalancing in the housing market.
Carissa Sargent of RE/MAX of Cherry Creek in Denver noted renewed activity with better balance for buyers.
On the East Coast, Jeffrey Decatur of RE/MAX Capital in Albany reported buyers returning to the market despite higher rates, with prices holding year over year.
Reflecting price declines, the average Close-to-List Price Ratio in January was 97%, meaning homes sold for an average of 3% below asking price.
Homes sold in January were on the market 48 days – one day longer than December and 12 days longer than one year ago.
January 2023 Market Highlights
New Listings
Of the 51 metro areas surveyed, newly listed homes were up 39.8% from December 2022 and down 5.1% year over year.
Closed Transactions
Home sales were down 26.7% month over month and 35.2% year over year. No metro area posted an annual increase.
Median Sales Price
The median price across all metro areas was $385,000, down 1.0% from December 2022 and up 1.3% from January 2022.
Close-to-List Price Ratio
The average ratio was 97%, continuing a gradual decline from over-asking conditions seen in early 2022.
Days on Market
Homes averaged 48 days on market, reflecting slower pacing and increased buyer discretion.
Months’ Supply of Inventory
Inventory supply measured 2.0 months, higher than January 2022 but lower than December 2022, signalling early stabilization.
To request an interview or discuss how these trends translate locally in Simcoe County,
connect with us here.
