The question everyone wonders, including myself – is it a buyers market – or a sellers market... Up until now I would lean towards 2011 being a buyers market. However I am looking at the latest stats and I see that things are changing... I see that there were 401 residential units sold in August 2011 - an increase of 22% compared to the same month last year. At the end of August, activity for the year-to-date has caught up with last year’s levels, and ahead of the first 8 months of 2009.
In the actual city of Barrie, home sales went up 51% from year-ago levels to 269 units in August.
New residential listings went up 1% from a year earlier to 655 units in August.
Active residential listings on MLS® was 1,876 at the end of August 2011-that’s up 2% on a year-over-year basis.
Year to Dates
Average price for all homes sold in the first eight months of 2011 - $288,882 (up 3% from the same period last year). Source: The Association’s MLS® System
Average price for homes sold within the City of Barrie - $268,455 up 1% on a year-over-year basis).
Total sales activity in the Barrie region - 416 units in August, up 23% compared to August 2010.
Total value of all properties sold in August 2011 - up 25% from August 2010.
Now, if the rates continue to be as attractive as they currently are, what this all means to me is that we are sitting in a balanced market. Buyers will be able to take advantage of great rates and well priced homes - first time buyers will be able to get into the housing market, and Sellers will see a decent profit when selling if they price their home reasonably. Real estate - always the safest surest investment! And Barrie - still remaining an affordable place to live, comparatively speaking.
Source: Barrie & District Association of REALTORS® Inc.