Year In Review Market Update 2020/ 2019
Faris Team CEO and Broker, Mark Faris, says 2020 started strong, but the first lockdown turned activity downward by April. The market bounced back quickly, and was stronger than ever the rest of the year. Watch below to see exactly how the market performed throughout an unprecedented year.
Real estate remains essential to service those who need to move. If you’re in the market to buy or sell at this time, we’re here to help and go full out® for you.
3 Market Trends in 2020:
1. Lack of active listings.
- By December active listings were down
- 73% in Barrie
- 81% in Orillia
- 87% in Midland
2. Spike in average sale price
- Despite low inventory, homes sold fast, and sales increased between 17-25%
3. Moving North
- Influx of GTA buyers meant 3x more sales in $1M+ range, driving average sale prices up
- First half of 2021 will remain a strong seller’s market
- Months of inventory is tightest it’s ever been
- Bidding wars will continue with so few homes to choose from
- Already in January, we’ve seen listings get 40+ offers
- Working from home will continue to drive GTA buyers north, where their dollar stretches farther
- Second half of 2021 depends on how industries and jobs are affected by the pandemic
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®.
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.