Faris Team CEO and Broker, Mark Faris, says there's been a consistent decrease in sales and new listings across the boards this week, as a result of the seasonal slowdown. Months of inventory stayed somewhat flat in most areas, demonstrating that new listings are being balanced by sales. Barrie and area saw an increase in listings and fewer homes sold, which will make active buyers happy. Specifically, Adjala-Tosorontio saw a slow down in sales as homes with large properties come with higher price tags that generally take longer to sell.
Faris Team CEO and Broker, Mark Faris, says that buyers should take note: even though new listings in Barrie and area are once again down this week, New Tecumseth saw an increase in supply. More inventory gives a margin of breathing room to buyers here as well as in Southern Georgian Bay, where Midland and area markets are also averaging more new inventory than sales in the past week.
Faris Team CEO and Broker, Mark Faris, says that overall, solds were up a touch this week over last, with the amount of new listings consistent with the week prior. Months of inventory declined again in most areas and, as a result, list-to-sale ratios are high in all areas, exceeding 100%. Midland and surrounding area in particular saw a 6% jump in list-to-sale ratio, with sellers in that market getting more than 103% of their asking price.
Faris Team CEO and Broker, Mark Faris, says the market is showing no signs of relief when it comes to demand vs. availability of homes. Pressure continues in the entry-level price points but we're seeing it in higher price points as well.
Faris Team CEO and Broker, Mark Faris, says that stats more obviously ebb and flow when reporting on market performance weekly. This week we see a dip in most key stats, but if you look back over 2020, this trend oscillates consistently every two weeks. Midland and surrounding area satisfies both buyers and sellers this week in reporting more new listings and a spike in average selling price. In our other core areas, the lack of new listings coming on the market continues to drive market behaviour, making this season of real estate a hot one.
Faris Team CEO and Broker, Mark Faris, says there was a significant increase in solds in most areas last week, bouncing back from a slower market the week prior. By reporting on market performance weekly, some stats can vary considerably one week to the next, as we see in South Georgian Bay's average sale price: $827K last week due to multiple $1M and above listings selling firm. This week it has returned to a more stable $507K.Demand for inventory is not going anywhere, which is evident in all areas' list-to-sale ratios sitting at over 100%.
Faris Team CEO and Broker, Mark Faris, says there was a large decrease in new listings and sales in Barrie and Area, Barrie, Essa, Innisfil, Collingwood and Area, Collingwood/Blue Mountains and New Tecumseth. Most areas saw a modest increase in months of inventory but not significant, and this number should start to creep up as we get closer to the end of the year.List-to sale-ratio continues to be high in most areas, reinforcing that this fall is still an ideal time to put your property on the market.
Faris Team CEO and Broker, Mark Faris, says the Collingwood market has the strongest inventory levels as of last week, but at large, the amount of selection for buyers remains scarce across the region. Each core market reports list-to-sale ratios at over 100%, so if you're in the market to sell, Autumn remains an ideal time.
Faris Team CEO and Broker, Mark Faris, says this week saw a bump in new listings in most areas which has led to an increase in sold properties. Although a week is a short timeline, it's good to see a much-needed increase in inventory.