blog-cover-realstats-july-12-18-2020
24 Jul

Weekly Market Update – July 12-18

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Faris Team CEO and Broker, Mark Faris, says that knowing your financing limit and conducting a pre-home inspection are key strategies to give your offer an edge.


Barrie & Surrounding Area

As summer marches on, buyers are feeling the pressure to secure a property before the end of the season, so there remains a strong demand for new listings. The average price to sell a home is up this week, and average days to sell is down. This indicates sellers are continuing to get top dollar for their homes, and buyers aren’t wasting any time. The market is so hot that we’re once again seeing a trend of multiple offers and bidding wars. When this happens, buyers need to be prepared to remove conditions and come in with a firm offer. Knowing your financing limit and conducting a pre-home inspection are two ways to gain an advantage when putting in an offer, while successfully caring for your side of the transaction.

Compared to July 5-11:

  • Average selling price is $616K, up 3% from $599K 
  • 11% fewer homes sold
  • 26% fewer new listings
  • Months of inventory is 1.4, down from 1.5 
  • Average days to sell is 25, down from 31
  • Average list-to-sale ratio is steady at 99%, slightly up from 98.9%


Collingwood, Midland & Surrounding Area

Thanks to a few higher-priced homes selling this week, the average sale price in the area jumped by 13%. This market also had its highest number of sales to date in 2020 with 119 sold! To many, the real estate market reflects confidence in the overall economy, so we celebrate this news after months of uncertain times. With added incent to buy before the end of summer, average days to sell is down this week to 38, and months of inventory dipped again to just 2.0. When faced with a bidding war, or when you know your offer is one of many, having pre-approval on your financing can give you an edge, as can conducting a pre-home inspection in lieu of making it a formal condition on your offer.

Compared to July 5-11:

  • Average selling price is $680K, up 13% from $594K 
  • 6% more homes sold
  • 3% more new listings
  • Months of inventory is 2.0, down from 2.2
  • Average days to sell is 38, compared to 56
  • Average list-to-sale ratio is 96.7%, down from 97.9%


Orillia & Surrounding Area

A steady week for this market, with slightly fewer homes sold, which is reflected in a slight jump in months of inventory. Only 5% more new listings, but more are expected in coming weeks to help satiate keen buyers, especially those hoping to find a property before the end of summer. This market joins the trend rippling throughout Simcoe County of multiple offers and even bidding wars on sought-after properties. To prepare, know your financing limits and enter into an offer having been pre-approved. Paying upfront for a private home inspection can also help give your offer an edge; pre-home inspections take about an hour, and are worth every penny, especially if your plan is to remove this condition to help move your bid to the top of the list.

Compared to July 5-11:

  • Average selling price is steady at $553K, slightly up from $551K
  • 13% fewer homes sold
  • 5% fewer new listings
  • Months of inventory is 1.7, up from 1.6
  • Average days is steady is 24, down from 34
  • Average list-to-sale ratio is steady at 97.6%


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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