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Real Estate Market Update - Feb/March 2014

Blog by Robert & Matthew Johnston | March 14th, 2014

Barrie & District home sales - It's a Seller's Market!

Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 294 units in February 2014. This was unchanged from last February.

Within the City of Barrie sales activity was down 11 per cent from a year earlier. The City of Barrie saw 175 residential sales in February.

“Home sales were back in line with year-ago levels in February following a dip in January,” said Jerry Hay, President of the Barrie and District Association of REALTORS®. “Activity was also back above the five-year average in February, and the average home price saw another big gain.”

The year-to-date average price for all homes sold via the Association’s MLS® System in February 2014 was $327,845, up nine per cent from February 2013.

The year-to-date average price figure for homes sold within the City of Barrie was $306,991. This was a seven per cent increase compared to the average selling price in February 2013.

New residential listings were down seven per cent from a year earlier to 499 units in February 2014.

Overall supply remains below levels seen in most of the past decade. Active residential listings on the Association’s MLS® System numbered 992 units at the end of February 2014, down 18 per cent from year-ago levels and the lowest February in more than two decades.

There were 3.4 months of inventory at the end of February 2014. This was down from 4.1 months at the end of February 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 continues to be a "Seller's Market" as low inventory is driving up Sale prices.  Call us if you're thinking of Selling.  705--795-4107