blog-cover-realstat-july-9-2020
09 Jul

Monthly Market Update – June 2020

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Faris Team CEO and Broker, Mark Faris, says that it’s absolutely the right time to sell if your home is in Barrie, Orillia, Collingwood, Midland and surrounding areas.


Barrie & Surrounding Area

Compared to last June, Barrie activity is up in every category, except number of new listings which only strengthens this seller’s market.  Months of inventory sits at just 1%, so it would only take 30 days to sell all homes on the market if no new homes came on the market. Because of this shortage, properties are selling on average at 100% of their asking price and many are receiving multiple offers. Is it the right time to sell? If you’re selling and buying in a higher price range, you are well positioned for success, as it’s the entry-level homes that are flying off the market. If you’re just selling, there’s no question it’s a good time to sell.

Our FarisVIP program is a great solution to low inventory across Simcoe County: our buying clients can view homes that are about to hit the market, and can make an offer to purchase ahead of the general public. Learn more about FarisVIP.

Compared to June 2019:

  • Average selling price is up 14% to $593K
  • 31% more homes sold
  • 7% fewer new listings
  • Months of inventory is 1 (!) down from 4
  • Average days to sell is steady at 32
  • Average list-to-sale ratio is 98.9%, slightly up from 98.2%


Collingwood, Midland & Surrounding Area

A great year-over-year report for these areas, which are becoming more and more in demand as buyers flock to the beautiful hills and cottages. Sales are way up this year with 29% more homes sold, and average sale price has broken the $600K mark. Months of inventory now reflects a true seller’s market, whereas last June was sitting even. This increase in activity means that sellers are getting closer to asking price, and are well-positioned to list their property for top dollar and sell fast.

Our FarisVIP program is a great solution to low inventory across Simcoe County: our buying clients can view homes that are about to hit the market, and can make an offer to purchase ahead of the general public. Learn more about FarisVIP.

Compared to June 2019:

  • Average selling price is up 16% to $606K
  • 29% more homes sold
  • 3% fewer new listings
  • Months of inventory is 4, down from 6 
  • Average days to sell is 50, compared to 46
  • Average list-to-sale ratio is 98.6%, up slightly from 98.0%


Orillia & Surrounding Area

There’s been a huge jump in average sale price since last June in this area – up 17%! This increased price tag has not slowed sales, but quite the opposite: sales are up 25% compared to last June. Entry-level and average price homes are moving quickly, but low new inventory likely means less sales on the horizon for this area as there simply aren’t enough properties to satisfy buyers. Our FarisVIP program is a great solution to low inventory across Simcoe County: our buying clients can view homes that are about to hit the market, and can make an offer to purchase ahead of the general public. Learn more about FarisVIP.

Compared to June 2019:

  • Average selling price up 17% to $638K
  • 25% more homes sold
  • 11% fewer new listings
  • Months of inventory is 3, down from 4
  • Average days to sell is steady at 38
  • Average list-to-sale ratio is steady at 98.1%


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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