Another Record Breaking Month for Barrie & District Home Sales
November’s CREA results show that this year has been one of the strongest years on record for real estate demands in the Barrie Region. The market has proven to be very profitable for sellers in the Barrie area, and we will continue to see a high demand for homes in the coming months with a low inventory levels. Read below for more on the Barrie and District November Results from CREA.
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 438 units in November 2016, an increase of 22 per cent from November 2015. This was the best November on record by a wide margin.
Within the City of Barrie, sales activity rose 26.4 per cent on a year-over-year basis. The City of Barrie saw 263 residential sales in November. A year-over-year increase of 11.8 per cent was recorded in surrounding areas, where sales activity totalled 189 units.
For the district as a whole, year-to-date sales totalled 5,810 units over the first 11 months of 2016. This is up 16.1 per cent from the same period in 2015.
“2016 will be a record year for home sales in the Barrie Region, in fact, demand has been so strong that a new annual record was already in the books before we even got to Halloween this year,” said Mike Douglas, President of the Barrie & District Association of REALTORS®. “The average price is up 17 per cent from last year, reflecting the tightest market conditions the region has ever seen. That said, some areas and segments of the market are better supplied than others. Talk to your local REALTOR® to find out what effects this market may have on your real estate needs.”
The year-to-date average price for all homes sold via the Association’s MLS® System was $436,990, up 16.9 per cent from November 2015.
The year-to-date average price figure for homes sold within the City of Barrie was $411,239. This was an increase of 18.9 per cent compared to the average selling price in the first eleven months of 2015.
The year-to-date average price figure for the surrounding areas in 2016 was $466,626, an increase of 13.6 per cent from the average selling price in the first eleven months of 2015.
The Barrie & District Association of REALTORS® cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials between geographical areas.
The dollar value of all home sales in November 2016 was $204 million, jumping 44.6 per cent from year-ago levels.
New residential listings fell 0.4 per cent from November 2015 to 460 units in November 2016, highlighting the lack of overall supply.
Overall supply is currently trending near the lowest levels on record. Active residential listings on the Association’s MLS® System numbered 591 units at the end of November 2016, down 34.3 per cent from year-ago levels.
There were just 1.3 months of inventory at the end of November 2016, down from 2.5 months a year earlier. 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.
Sales of all property types in the Barrie region numbered 438 units in November, up 15.9 per cent compared to November 2015. The total value of all properties sold in November 2016 was $221.7 million, up 48.3 per cent on a year-over-year basis.
The average price information quoted can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.
The Barrie and District Association of REALTORS® Inc. covers a geographical area that includes the City of Barrie and part or all of the surrounding townships, including Springwater, Oro-Medonte, Innisfil, Essa, Bradford-West Gwillimbury and Clearview. The Association provides continuing education, Multiple Listing Service® (MLS®), statistical information, and many other services to its members.
REALTOR® is a trademark that identifies real estate professionals who are members of The Canadian Real Estate Association (CREA) and, as such, subscribe to a high standard of professional service and to a strict Code of Ethics.
This article brought to you by the Canadian Real Estate Association. http://creastats.crea.ca/