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06 Aug

Monthly Market Update -July 2020 vs. 2019

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Faris Team CEO and Broker, Mark Faris, says that between an overall increase in sale prices, and steady low months of inventory, July 2020 is a strong sellers market compared to July 2019.


Barrie & Surrounding Area

The biggest takeaway from the month of July is that home prices are up 17% over the same time last year! Fewer new listings compared to July 2019, and almost half of the available homes for buyers to choose from sitting at 929 compared to 1,897 in July 2019. Low inventory has not impacted sales which continues to rise sitting at 829 compared to 527. We are sitting in a strong seller’s market with months of inventory at 1 month compared to 4 months. Overall buyers have fewer homes to choose from, but more sales are happening which means buyers need to move quickly in this very hot market.

Compared to July 2019:

  • Home prices are up 17% from last year!
  • Average selling price is $606K, up significantly from $518K 
  • 36% more homes sold
  • 15% fewer new listings
  • 51% fewer active inventory
  • Months of inventory is steady at 1.0
  • Average days to sell is steady at 28
  • Average list-to-sale ratio is steady at 99.2%


Collingwood, Midland & Surrounding Area

A great month for the Southern Georgian Bay area. Average sale price is up 34% sitting at $593K! Keep in mind, more prestigious homes are selling and have caused the average sale price to increase. There has been a slight increase in new inventory which is great for buyers, while active inventory sits at 1,544 compared to 1,774. Sellers are celebrating with the number of sales up 67% and average days to sell at 44 days, down from 52. Compared to last year, it is a strong sellers market in July.

Compared to July 2019:

  • Average sale price is up 34%
  • Average selling price is $593K, up from $516K 
  • 68% more homes sold
  • 12% more new listings
  • Months of inventory is steady at 3.0
  • Average days to sell is 44, compared to 52
  • Average list-to-sale ratio is 98.3%, up from 97.7%


Orillia & Surrounding Area

A jump in average selling price this month up 11.5% compared to July 2019. There were fewer homes for buyers to choose from and more sales happening which drives sale price and furthering into a seller’s market. If you start seeing spikes in average sale price too quickly, its something to watch out for as the market could overheat and drop off. Orillia is a great hotspot for Simcoe County and GTA buyers that are starting to look north.

Compared to July 2019:

  • Average sale price is up 11.5%
  • Average selling price is $578K, up 11.5% from $519K
  • 39% more homes sold
  • 23% fewer new listings
  • Months of inventory is 3.0, down from 5.0
  • Average days to sell is down to 28 from 32
  • Average list-to-sale ratio is up by 1% at 99.0%


Want to know what this means for you as you consider buying or selling a home? We’re here to help.

Call us today at 1-888-444-9533, send us an email or schedule an in-person or Virtual Appointment.

There’s absolutely NO OBLIGATION. Consultations with our team of experts are FREE.


 

While the information contained in this site has been presented with all due care, Faris Team assumes no responsibility or liability for any errors or omissions.

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