Market Update: January 2018
Here is what happened in the Barrie & surronding area Real Estate Market for January 2018:
Residential property sales recorded through the Barrie & District Association of REALTORS® Inc. (BDAR) region numbered 210 units in January 2018, down 18.9% from a very strong month of January in 2017.
Within the City of Barrie, sales activity was down 17.7% on a year-over-year basis in January 2018. The City of Barrie saw 107 residential sales in January 2018.
The average price for all homes sold via the association’s MLS® System in January 2018 was $522,053, up 8.7% from January 2017.
The average price figure for homes sold within the City of Barrie for January 2018 was $508,560. This was an increase of 10.5% compared to the average selling price in January 2017.
The average price figure for January 2018 in surrounding areas was $541,321, an increase of 8.2% from January 2017.
The Bottom Line:
Sellers: Pricing your home accurately is key! Inventory is high, which gives Buyers more options. Don’t get too greedy, otherwise your home won’t sell!
Buyers: There’s finally room to negotiate! Wait for the “good deals”, they will come! Make sure mortgage financing is in place, as it’s becoming more difficult!
Overall: The market is currently correcting itself after a CRAZY 2017 - We’re now in a “balanced market”, anticipating for Barrie to see an average increase in the 4-6% range. It’s a good time to Buy or Sell, but hiring a Realtor with Experience is the key to ensure you’ll be making the right move!
If you have any questions contact our team today 705-739-3432! We can help guide you through the new market changes.