how covid is impacting the real estate market
02 Jul

Weekly Market Update – June 21-27, 2020

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Faris Team CEO and Broker, Mark Faris, says that homebuyers need to move fast as the market is hot in all of our markets: Barrie, Orillia, Collingwood, Midland and surrounding areas.


Barrie & Surrounding Area

Sales and average sale prices are both up this week and multiple offers have become common, especially in entry-level homes. The competition is so fierce for first-time homebuyers that Faris recommends getting in to see lower-priced homes as quickly as possible. This is good news for sellers as this strong seller’s market continues to work in their favour. Even banks are being impacted by a large number of home sales, resulting in a backlog. Many home buyers are having to request more than the standard five business days to process their financing.

Compared to June 14-20:

  • Average selling price is up nearly 9% to $615K
  • 2% more homes sold
  • Nearly 9% more new listings
  • Months of inventory is 1.6, down from 1.8
  • Average days to sell has dropped to 29 from 32
  • Average list-to-sale ratio is 98.7%, down from 99%


Collingwood, Midland & Surrounding Area

The average sale price spiked to $596K this week. The demand for entry-level and in-town homes is so strong that you can expect competing offers. While home sellers are ecstatic, banks are trying to manage a larger number of home sales, resulting in a backlog.  Many buyers are having to request an additional one or two business days in addition to the standard five required to secure financing. If you own a recreational property that would make an ideal Airbnb in The Blue Mountains area, you’re in luck. These are in high demand, selling much faster than usual as a result of GTA buyers who are snapping them up.

Compared to June 14-20:

  • Average selling price is up 3% to $596K
  • 35% more homes sold
  • New listings are down from last week from 121 compared to 132, but more are expected to hit the market
  • Months of inventory is 2.5 down from 2.9 
  • Average days to sell is 48 compared to 55
  • Average list-to-sale ratio is 98.1%, down slightly from 98.4%


Orillia & Surrounding Area

The average home price has spiked this week to $702K as the spring market pushes its way into summer. Your best bet is to get in to see a property you like as soon as possible and be ready to move quickly. Home sellers are happy to see a strong seller’s market while banks are trying to play catch-up on processing financing requests for a larger-than-usual number of home sales.  This slight backlog is causing many buyers to request an additional one or two business days in addition to the standard five required to secure financing.

Compared to June 14-20:

  • Average selling price up nearly 10% to $702K
  • 18% fewer homes sold
  • 17% fewer new listings
  • Months of inventory is 1.7, down slightly from 1.8
  • Average days to sell is 39, compared to 40
  • Average list-to-sale ratio is up slightly at 98.1% 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.

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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