Housing prices may be leveling off in The Barrie area
Detached residential properties within the city posted an average selling price of $566,077 in May 2017
Housing prices in some Barrie-area municipalities appear to be levelling off following historic growth earlier this year.
While the average year-over-year selling price for detached homes continued to increase by double digits in Barrie and many of its neighbouring municipalities in May, the climb is slowing. And in some cases, average monthly selling prices have actually dropped from earlier this year.
Detached residential properties within the city posted an average selling price of $566,077 last month, an increase of 25 per cent over the same period last year, according to sales statistics released by the Barrie & District Association of Realtors June 6. Similar homes sold for $604,227 in March and $523,618 in January, on average.
Residential townhouse, link and semi‐detached homes sold for $408,622, on average, a 28 per cent increase compared to the same period last year. Similar houses sold for $427,225 in March and $397,411 in January.
Meanwhile, condominium sales averaged $336,771 last month, up 33 per cent over May 2016. Condos sold for $330,000 in March and $301,115 in January.
“While prices continue to increase on a year‐over‐year level, there seems to be slight slowing to the fast and hot market we were seeing earlier this year,” president Rob Alexander said.
“Part of this is reflected in the amount of new inventory that’s come onto the market since the latter part of April, combined with government (housing market) announcements, a little bit of uncertainty and some rotten weather. Buyers have more inventory to consider. Things have certainly cooled down considerably and it’s leaning more toward a more balanced market. In February, March and early April, it was definitely a seller’s market.”
Alexander says inventory is the largest factor driving prices right now. The number of new listings this spring, when compared to last year, has increased dramatically in Barrie. In May, 1,232 homes went to market, versus 873 during the same period in 2016.
There were 1,068 new listings in April, compared to 863 during the same month in 2016.