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25 Jun

Weekly Market Update – June 14-20

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Here is Mark Faris, Faris Team CEO and Broker, with the latest market performance stats for Barrie and the surrounding area, Orillia and surrounding area, and Collingwood, Midland and area.


Greater Barrie Area

Sales are up this week and the activity level we’re seeing is reminiscent of 2017 when competing offers were the norm. This week we had a Sales Partner bidding on a property that was listed at an attractive entry-level price of $425K, and after 30 offers it sold for $75K over asking! Thankfully for buyers, we’re not seeing homes sell for hundreds of thousands of dollars over asking, which happened in 2017, but know that the urgency to buy is back! With months of inventory at just 1.8%, the Greater Barrie Area remains in a seller’s market, a title it’s not going lose any time soon.

Compared to June 7-13:

  • Average selling price is down 7% to $566K
  • 13% more homes sold
  • 10% fewer new listings
  • Months of inventory is 1.8, down from 2.1
  • Average days to sell has dropped to 32 from 36
  • Average list-to-sale ratio is 99.0%, up from 98.3%

Southern Georgian Bay

Average sale price dropped this week, but when you’re comparing stats week over week a dip like this is expected. Last week, we saw many prestigious properties sell which upped the average price, whereas this week there were fewer high price point listings that sold. That said, there continues to be strong demand for this market as is evident with another drop in months of inventory. GTA buyers continue to flock to the spacious and often waterfront homes offered in this area, and properties located in-town are moving quickly.

Compared to June 7-13:

  • Average selling price is down 14% to $578K
  • 24% fewer homes sold
  • Steady new listings, at 133 compared to 132 last week
  • Months of inventory is 2.9 down from 3.2 
  • Average days to sell is 55 compared to 52
  • Average list-to-sale ratio is 98.4%, up from 96.9%

Orillia & Surrounding Area

Number of new listings: up! Number of sales: up! Months of inventory: down! This market is on fire, and in-town activity is as strong as Barrie’s, which is well-known to be a hot seller’s market. The average selling price in Orillia proper is $467K, which is an attractive price point to buyers. The average price for Orillia and surrounding areas is in the mid-600K, which includes waterfront properties which sell for much more, and pull the average selling price up for the whole area. Like the temperature outside, bidding wars are on the rise, especially in-town.

Compared to June 7-13:

  • Average selling price is down slightly to $640K from $667K
  • 18% more homes sold
  • 15% more new listings
  • Months of inventory is 1.8, down from 2.3
  • Average days to sell is 40, compared to 24
  • Average list-to-sale ratio is steady at 97.5% compared to 98.9%

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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