Monthly Market Update October 2020 vs. 2019

Faris Team CEO and Broker, Mark Faris, says the market is showing no signs of relief when it comes to demand vs. availability of homes. Pressure continues in the entry-level price points but we’re seeing it in higher price points as well. 

Barrie & Surrounding Area

The demand for homes in this area gives “hot market” a new meaning. When we compare this October to last, home prices are up, more homes are selling, and there are considerably less homes to choose from, which puts a lot of stress on buyers. Given the shortage of inventory, it’s no surprise that average days to sell is half of what it was this time last year. If you’re thinking of selling, you’re still in a prime position to list your home for top dollar. If you’re buying, tap into our exclusive service: FarisVIP, where you can view homes being sold by Faris Team before they hit the open market, potentially giving you a key advantage to secure the property you’re looking for.

Compared to October 2019:

• Home prices are up 18% from last year

• Average selling price is $666K, compared to $563K 

• 21% more homes sold

• 64% fewer active listings

• Months of inventory is 1.0 compared to 3.0

• Average days to sell is down significantly to 21, compared to 41

• Average list-to-sale ratio is 100% compared to 98%

Collingwood, Midland & Surrounding Area

Home prices are up 48% on average in Midland, Collingwood and surrounding areas, and there has been a 75% drop in active listings. As one of the strongest markets in the area, buyers from all over, especially the GTA, are quick to act when something new comes up for sale. This explains why there’s only one month of inventory, which means it would take just 30 days or less to sell everything listed if no new properties came on the market. If you’re buying, tap into our exclusive service: FarisVIP, where you can view homes being sold by Faris Team before they hit the open market, potentially giving you a key advantage to secure the property you’re looking for.

Compared to October 2019:

• Average sale price is up 48%

• Average selling price is $645K, up from $436K 

• 4% fewer homes sold

• 75% fewer active listings

• Months of inventory is 1.0 compared to 4.0

• Average days to sell is 36, compared to 47

• Average list-to-sale ratio is 99.7%, up from 97.0%

Orillia & Surrounding Area

If you’re looking to sell in this area, you can expect to get your full asking price and a firm offer in just 24 days on average. With 75% fewer active listings to choose from, the average sale price is up 28% compared to this time last year, and although there have been fewer homes sold, this simply reflects a lack of inventory to sell. If you’re buying, tap into our exclusive service: FarisVIP, where you can view homes being sold by Faris Team before they hit the open market, potentially giving you a key advantage to secure the property you’re looking for.

Compared to October 2019:

• Average sale price is up 28%

• Average selling price is $639K, compared to $499K

• 13% fewer homes sold

• 75% fewer active listings

• Months of inventory is 1.0, down from 3.0

• Average days to sell is down to 24 from 39

• Average list-to-sale ratio is 100% compared to 97.5%

Want to know what this means for you as you consider buying or selling a home? We’re here to help and go full out for you^®.

Call us today at 1.888.918.6570, send us an email or book an 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.