Low Inventory equals Higher Prices for Barrie!

Barrie and District home sales post healthy month of January Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 218 units in January 2015. This was an increase of 12.4 per cent from January 2014.

Within the City of Barrie sales activity rose 17.9 per cent on a year-over-year basis. The City of Barrie saw 125 residential sales in January. A year-over-year increase of 5.7 per cent was recorded in surrounding areas, where sales activity totalled 93 units.

“January marked a solid start to 2015 for home sales in the Barrie region, with activity coming in above both the five and 10-year averages for the month,” said Bruce Shipley, President of the Barrie and District Association of REALTORS®. “With months of supply running near record lows, the average home price continues to rise.” 

The average price for all homes sold via the Association’s MLS® System in January 2015 was $337,718, up 6.4 per cent from January 2014. 

The average price figure for homes sold within the City of Barrie was $319,332. This was a 9.2 per cent increase compared to the average selling price in January 2014. The average price figure for the surrounding areas was $362,431, an increase of 4.2 per cent from the previous January.

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 2015 was $73.6 million, rising 19.5 per cent from year-ago levels. This was a record for the month of January. 

January posted another increase in new supply. New supply has risen by double-digit figures on a year-over-year basis in eight of nine past months. New residential listings rose 10.0 per cent from January 2014 to 507 units in January 2015.

Overall supply remains below most of the past decade. Active residential listings on the Association’s MLS® System numbered 916 units at the end of January 2015, down just three units from year-ago levels.

There were 4.2 months of inventory at the end of January 2015. This was down from the end of January 2014 and stood 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 228 units in January, rising 14.0 per cent compared to January 2014. The total value of all properties sold in January 2015 was $75.9 million, up 21.1 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.

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Corby Hannam

Corby Hannam

Sales Representative
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
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