Barrie & District home sales edge back to start 2014
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 194 units in January 2014. This was a decline of 14 per cent from last January’s six-year high.
Within the City of Barrie sales activity was down 17 per cent from a year earlier. The City of Barrie saw 106 residential sales in January.
“Home sales kicked off the year in line with the five-year average for January, but that was still a significant downshift from most of the past year,” said Jerry Hay, President of the Barrie and District Association of REALTORS®. “That said, the symmetrical sharp declines in both sales and new supply suggest that this was mostly a weather story, in which case we can expect many of those buyers and sellers will have come out of hibernation in February.”
The average price for all homes sold via the Association’s MLS® System in January 2014 was $317,546, up nine per cent from January 2013.
The average price figure for homes sold within the City of Barrie was $292,319. This was a six per cent increase compared to the average selling price in January 2013.
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 2014 was $61.6 million, down six per cent from year-ago levels.
New residential listings dropped 22 per cent from a year earlier to 461 units in January 2014. This was the lowest level of new listings in January in more than a decade.
Overall supply remains below levels seen in most of the past decade. Active residential listings on the Association’s MLS® System numbered 919 units at the end of January 2014, down 16 per cent from year-ago levels and the lowest January since 2000.
There were 4.7 months of inventory at the end of January 2014. This was down slightly from 4.9 months at the end of January 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 200 units in January, down 13 per cent compared to January 2013. The total value of all properties sold in January 2014 was $62.7 million, down six per cent on a year-over-year basis.