Barrie Real Estate Market Update for July 2014
Second best July on record for Barrie & District home sales
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 509 units in July 2014. This was an increase of two per cent from last July.
Within the City of Barrie sales activity rose seven per cent from a year earlier. The City of Barrie saw 296 residential sales in July. A year-over-year decline of four per cent was recorded in surrounding areas, where sales activity totalled 213 units.
“Home sales were running at very strong levels in July 2014, marking just the second time in history that activity in the month of July has topped the 500 mark,” said Jerry Hay, President of the Barrie and District Association of REALTORS®. “As has been the case with much of Southern Ontario and cottage country this year, a big part of the recent strength of sales probably reflects the fact that a harsh winter meant many properties were not listed until late spring and so are only selling now. In other words, the strong summer reflects sales that otherwise may have happened earlier this year had the properties been on the market at that time.”
The year-to-date average price for all homes sold via the Association’s MLS® System in July 2014 was $341,097, up seven per cent from July 2013.
The year-to-date average price figure for homes sold within the City of Barrie was $320,007. This was a six per cent increase compared to the average selling price at the same time in 2013. The year-to-date average price figure for the surrounding areas was $371,510, an increase of eight per cent.
The dollar value of all home sales in July 2014 was $175.1 million, up nine per cent from year-ago levels. This was a record for the month of July.
New listings continue to come onto the market at historically strong levels. July recorded the third consecutive double-digit year-over-year increase in new supply and also set a record for the month. New residential listings rose 18 per cent from a year earlier to 801 units in July 2014.
Overall supply remains below
levels seen in most of the past decade but has ticked higher in recent months.
Active residential listings on the Association’s MLS® System numbered 1,555
units at the end of July 2014, down two per cent from year-ago levels.
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