Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. came in above year-ago levels for the fourth consecutive month in October 2011.
Home sales numbered 312 units in October, an increase of 13 per cent compared to the same month last year. Within the city of Barrie, sales activity was stronger than the overall trend for the region. The city of Barrie saw 211 residential sales in October, up 23 per cent from one year earlier.
Some 3,717 homes have traded hands so far this year. This is up two per cent from levels in the first 10 months of 2010.
“While home sales in the region have been stable for the past few months at levels that are best described as average, we continue to see big year-over-year gains reflecting last year’s volatility,” said Catherine Garbe, President of the Barrie and District Association of REALTORS®. “So the string of big gains we’ve seen over the past four months isn’t exactly the product of record level sales activity, but the health and stability of the housing market in the Barrie region nevertheless remains a bright spot against a backdrop of global financial market volatility and economic uncertainty.”
The year-to-date average price for all homes sold via the Association’s MLS® System in the first 10 months of 2011 was $288,031, up two per cent from the same period last year.
The year-to-date average price figure for homes sold within the City of Barrie was $268,824. This was also a two per cent increase compared to October 2010.
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 October 2011 was $85.7 million, up 14 per cent from year-ago levels.
New residential listings were up five per cent from a year earlier to 607 units in October. The number of active residential listings on the Association’s MLS® System was 1,757 units at the end of October 2011, edging down two per cent on a year-over-year basis.
There were 4.7 months of inventory at the end of October 2011 on a seasonally adjusted basis, up from 4.3 months in September. 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 322 units in October, up 13 per cent compared to October 2010. The total value of all properties sold in October 2011 was $89 million, up 16 per cent from October 2010.