A Busy January for Home Sales in Barrie and District
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 224 units in January 2016, an increase of 2.8 per cent from January 2015.
Within the City of Barrie, sales activity rose 9.6 per cent on a year-over-year basis. The City of Barrie saw 137 residential sales in January. A year-over-year increase of 3.2 per cent was recorded in surrounding areas, where sales activity totalled 96 units.
“January marked a solid beginning to 2016, with activity coming in above both the five and 10-year averages for sales in this month,” said Mike Douglas, President ofthe Barrie and District Association of REALTORS®. “As with most of 2015, sales may have been higher if listings were more plentiful, but with the balance of supply and demand increasingly favouring sellers we’re likely to see further price growth this year.”
The average price for all homes sold via the Association’s MLS® System in January 2016 was $365,378, up 8.2 per cent from January 2015.
The average price figure for homes sold within the City of Barrie was $348,400. This was a 9.1 per cent increase compared to the average selling price in January 2015. The average price figure for the surrounding areas in 2016 was $391,552, an increase of eight per cent from the average selling price in January 2015.
The Barrie & District Association of REALTORS® cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials between geographical areas.
The dollar value of all home sales in January 2016 was $81.8 million, rising 11.2 per cent from year-ago levels. This was the best January on record and the first time volumes in this month had surpassed $80 million.
New residential listings were down 5.3 per cent from January 2015 to 480 units in January 2016. Overall supply is currently trending at the lowest levels on record. Active residential listings on the Association’s MLS® System numbered 708 units at the end of January2016, down 22.7 per cent from year-ago levels.
There were just 3.2 months of inventory at the end of January 2016, down from 4.2 months a year earlier and 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 235 units in January, up 3.1 per cent compared to January 2015. The total value of all properties sold in January 2016 was $86.9 million, up 14.5 per cent on a year-over-year basis.
The Barrie and District Association of REALTORS® Inc. covers a geographical area that includes the City of Barrie and part or all of the surrounding townships, including Springwater, Oro-Medonte, Innisfil, Essa, Bradford-West Gwillimbury and Clearview. The Association provides continuing education, Multiple Listing Service® (MLS®), statistical information, and many other services to its members.