Barrie Real Estate Market Update for May 2013
Second best May ever for Barrie & District home sales
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 592 units in May 2013, rising nine per cent from May 2012.
Within the City of Barrie sales activity rose four per cent from a year earlier. The City of Barrie saw 333 residential sales in May.
“The City of Barrie saw more homes sold in May than in any other month in more than three years, which is great news, but it’s in surrounding communities where demand has really taken off,” said Wendy Elzner, President of the Barrie and District Association of REALTORS®. “Sales activity recorded through the Association’s MLS® System outside the City of Barrie set an all-time record in May 2013, smashing the previous record set last May by almost 16 per cent. So after a bit of a sluggish start to the year, it’s turning out to be a very strong spring market across the entire region.”
The year-to-date average price for all homes sold via the Association’s MLS® System in May 2013 was $315,187, up four per cent from the same period in 2012.
The year-to-date average price figure for homes sold within the City of Barrie was $299,818. This was a five per cent increase compared to the average selling price in the same period last year.
New residential listings rose 11 per cent from a year earlier to 889 units in May 2013.
Overall supply remains at lower levels compared to much of the past decade. Active residential listings on the Association’s MLS® System numbered 1,623 units at the end of May 2013, down seven per cent from the end of May 2012.
There were 2.7 months of inventory at the end of May 2013. This was down from 3.2 months at the end of May 2012 and also stood below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Sales of all property types in the Barrie region numbered 603 units in May, up seven per cent compared to May 2012. The total value of all properties sold in May 2013 was $193.7 million, up 14 per cent on a year-over-year basis.