Barrie Real Estate Market Update - Oct 2014
Barrie & District home sales set new October record
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 396 units in October 2014. This was up just half of one per cent (two sales) from last October.
Within the City of Barrie sales activity fell 11.1 per cent from a year earlier. The City of Barrie saw 217 residential sales in October. A year-over-year jump of 19.3 per cent was recorded in surrounding areas, where sales activity totalled 179 units.
“Resale housing activity remained very strong for a sixth consecutive month in October 2014, setting a record for the month which follows right on the heels of the record month of September,” said Jerry Hay, President of the Barrie and District Association of REALTORS®. “Again, most of the strength in the overall number from the standpoint of running above all other months in history came from activity in surrounding townships. Meanwhile, sales in the City of Barrie were running at solid but less remarkable levels.”
Some 4,267 homes have traded hands so far this year. This stands 2.2 per cent above the same period last year and keeps activity on track to post the second best annual sales figure on record after 2007.
The year-to-date average price for all homes sold via the Association’s MLS® System to the end October 2014 was $340,246, up 6.4 per cent from the first 10 months of 2013.
The year-to-date average price figure for homes sold within the City of Barrie was $318,699. This was a 5.8 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 $370,613, an increase of 6.7 per cent over the same period from last year.
Overall supply remains below most of the past decade but has been trending at higher levels in recent months. Active residential listings on the Association’s MLS® System numbered 1,297 units at the end of October 2014, down 1.5 per cent from year-ago levels.
There were 3.3 months of inventory at the end of October 2014. This was unchanged from the end of October 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.