Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 387 units in March 2014. This was up eight per cent from March 2013.
Within the City of Barrie sales activity was up seven per cent from a year earlier. The City of Barrie saw 238 residential sales in March. A similar sized year-over-year increase of eight per cent was recorded in surrounding areas, where sales activity totaled 149 units.
Home sales in the Barrie region are heating up while supply continues to fall, and that’s giving seller’s even more of an advantage in negotiations. Historically tight market conditions are being reflected in strong price growth heading into the busiest time of the year which is traditionally April, May, and June.
The year-to-date average price for all homes sold via the Association’s MLS® System in March 2014 was $335,607, up 10.9% March 2013. The year-to-date average price figure for homes sold within the City of Barrie was $316,028. This was an eight per cent increase compared to the average selling price in March 2013. The year-to-date average price figure for the surrounding areas was $364,151, an increase of 13 per cent.
The dollar value of all home sales in March 2014 was $133.7 million, up 20 per cent from year-ago levels. This was a record for the month of March, and new residential listings fell three per cent from a year earlier to 708 units.
Overall supply remains below levels seen in most of the past decade. Active residential listings on the Association’s MLS® System numbered 1,195 units at the end of March 2014, down 16 per cent from year-ago levels and the lowest March in more than a decade.
There were 3.1 months of inventory at the end of March 2014. This was down from the end of March 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.
Sales of all property types in the Barrie region numbered 394 units in March, up seven per cent compared to March 2013. The total value of all properties sold in March 2014 was $134.9 million, up 20 per cent on a year-over-year basis.