Barrie & District Association of REALTORS®Inc.
Barrie and District home sales smash February record
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 458 units in February 2017, an increase of 30.9% from February 2016.
On a year-to-date basis home sales totaled 715 units over the first two months of the year, rising 24.6% from the same period in 2016.
Within the City of Barrie, sales activity increased by 12.7% on a year-over-year basis. The City of Barrie saw 257 residential sales in February. A year-over-year increase of 35.8% was recorded in surrounding areas, where sales activity totalled 201 units.
“The local housing market is currently facing a supply shortage, although at this point there are still enough listings out there for sales to set records like they did in February,” said Rob Alexander, President of the Barrie & District Association of REALTORS®. “With the market the tightest it has ever been, prices have been rising rapidly so far this year.”
The year-to-date average price for all homes sold via the association’s MLS® System was $511,214, up 30.1% from 2016.
The year-to-date average price figure for homes sold within the City of Barrie was $494,968. This was an increase of 32.9% compared to the average selling price in 2016.
The year-to-date average price figure for the surrounding areas in 2017 was $524,901, an increase of 24.2% from the average selling price in 2016.
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 February 2017 was $242.6 million, rising 68.9% from year-ago levels.
New residential listings fell 4% from February 2016 to 550 units in February 2017.
Overall supply is currently trending at the lowest levels on record. Active residential listings on the association’s MLS® System numbered 491 units at the end of February 2017, down 39% from year-ago levels. This was the third consecutive month with fewer than 500 active listings.
There were just 1.1 months of inventory at the end of February 2017, down from 2.3 months a year earlier. 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 493 units in February, rising 32.2% compared to February 2016. The total value of all properties sold in February 2017 was $252.5 million, up 62.5% on a year-over-year basis.