Barrie Real Estate Market Update for May 2014
Barrie & District home sales post strong month of May
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 581 units in May 2014. This was down just two per cent (11 sales) from last May.
Within the City of Barrie sales activity was up five per cent from a year earlier. The City of Barrie saw 349 residential sales in May. A year-over-year decline of 10 per cent was recorded in surrounding areas, where sales activity totalled 232 units.
“Even though home sales overall were down a bit from last May, 581 is still a very strong sales figure. In fact, it was the third highest of any month in history,” said Jerry Hay, President of the Barrie and District Association of REALTORS®. “New listings also nearly set a new record in May, while the dollar volume of sales passing through the Association’s MLS® System did set a new record. It just missed breaking through the $200 million mark, so definitely a very good month for the local housing market.”
The year-to-date average price for all homes sold via the Association’s MLS® System in May 2014 was $337,659, up seven per cent from May 2013.
The year-to-date average price figure for homes sold within the City of Barrie was $321,252. This was a seven per cent increase compared to the average selling price in May 2013. The year-to-date average price figure for the surrounding areas was $362,151, an increase of seven per cent.
The dollar value of all home sales in May 2014 was a record $199.5 million, up four per cent from year-ago levels.
New residential listings rose 11 per cent from a year earlier to 990 units in May 2014.
Overall supply remains below levels seen in most of the past decade. Active residential listings on the Association’s MLS® System numbered 1,543 units at the end of May 2014, down five per cent from year-ago levels and the lowest May in more than a decade.
There were 2.7 months of inventory at the end of May 2014. This was unchanged from 2.7 months at the end of May 2013 and stood below the long-run average for this time of year as well. 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.
It still continues to be a "Seller's Market"...If you're thinking of making a move call us for a FREE Market Evaluation 705-795-4107