June Real Estate Market Sizzles

The numbers are out for June 2016, and it's another month of double digit increases all around!  Average prices for townhomes, links, and semi-detached, detached homes and condominiums in Barrie all saw increases of 20%, 24% and 28% respectively over June 2015.  Detached homes in Barrie averaged $474,273; townhomes, links and semi-detached averaged $325,872; and condo's averaged $281,190.  Prices were also up in Essa Township, Innisfil, and Oro-Medonte, again posting double digit increases over June 2015.  Prices averaged $455,283 for Essa, $507,084 for Innisfil, and $664,714 for Oro-Medonte.  Only Springwater posted a single digit increase, 3%, over June 2015, however prices averaged $557,170.  Sales activity was also up overall by more than 14% over June 2015 - setting a new all time monthly record.  Sales within Barrie were actually down 12% compared to last June, however board President Mike Douglas is quick to add that "The decline in sales in the City of Barrie is not a demand story but rather a supply story.  Demand remains strong but right now the number of sales is limited by how many properties are available for sale.  Within the City of Barrie we're actually measuring in weeks of inventory rather than months of inventory.  These market conditions are unprecedented."   Multiple offers and offers over-asking for some types of properties are common in this type of market.  However, with interest rates holding at record low levels, there is still some choice to be found.  Sometimes buyers have to modify their "wish list" to a "needs list."    Happy buying and selling!

Sharon Posius

Sharon Posius

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