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13 Aug

Weekly Market Update: August 2-8

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Faris Team CEO and Broker, Mark Faris, says climbing months of inventory can indicate a cooling in market activity. All but one market saw a slight increase this week.


Barrie & Surrounding Area

It’s the first time we’ve reported a slight increase in months of inventory for this market, giving a bit of breathing room to buyers. While this is good news for buyers circling Barrie, Essa, Innisfil and Springwater, those looking to lay roots in Oro-Medonte and New Tecumseth will still find a stronger seller’s market to contend with. Sellers in each community continue to get on average 100% or more of their asking price, which reported 4% higher this week.

Compared to July 26- August 1:

  • Average selling price is $634K, up from $609K
  • 29% fewer homes sold
  • 3% fewer new listings
  • 3% less active inventory
  • Months of inventory is steady at 1.2
  • Average days to sell is steady at 30
  • Average list-to-sale ratio is up to 100.2%


Collingwood, Midland & Surrounding Area

While Barrie, Orillia, and their surrounding areas have seen a slight increase in months of inventory this week, Southern Georgian Bay has decreased further into a seller’s market. Typically this area takes longer to warm up than other markets, so it’s on par that there’s no sign of activity cooling down. New listings continue to be scarce as buyers from near and far are keen to scoop up property in any one of these sought-after communities.

Compared to July 26- August 1:

  • Average selling price is $630K, down 5% from $666K 
  • 5% fewer homes sold
  • 29% fewer new listings
  • Months of inventory is down slightly to 1.7
  • Average days to sell is 54, compared to 43
  • Average list-to-sale ratio is 98.4%, up from 97.8%


Orillia & Surrounding Area

The heart of Orillia is steady when it comes to months of inventory, but Severn and Ramara Townships have seen a slight increase, bringing the stat for the area as a whole up slightly this week. This could be indicative of a cooling in the market, which is a typical trend late in the summer. If you’re thinking of listing in the fall, you might want to reconsider and act now while the market is as hot as these August days.

Compared to July 26- August 1:

  • Average selling price is $585K, up 2% from $572K
  • 6% more homes sold
  • 1% more new listings
  • Months of inventory is steady at 1.4
  • Average days to sell is down to 39, up from 29
  • Average list-to-sale ratio is 99.3%, down slightly from 100%


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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