Faris Team CEO and Broker, Mark Faris, says that the week of Christmas was seasonly quiet on the market, resulting in dramatic increases in most stats for the first week of January. Midland and area's average sale price skyrocketed, but due to higher-priced properties selling firm.We're watching the market closely amidst the provincial lockdown, and are operating as an essential service to help those who need to move throughout the pandemic.Stay safe, and remember we're here to help and go full out® for you any way we can.Next week, watch out for our 2020/2019 Year In Review.
Faris Team CEO and Broker, Mark Faris, says that although this time of the year tends to report slower sales and fewer new listings, week over week they remain steady. A balance of new listings and sales at this time of the year is healthy for the market, and all indicators point to a solid start for 2021.Your weekly market update will return in two weeks, and look forward to our Year In Review coming mid-January.
Faris Team CEO and Broker, Mark Faris, says the number of active listings this November is half to one quarter of what was available last year, and other key stats are drastically different than what 2019 delivered.As moving north continues to trend, our populations are growing, and as a result the rental market in Barrie is also in high demand. If you're considering an income property, there are tenants looking.
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.