The Summer of 2017 will be one for the history books, for sure! We saw a rare lunar/solar eclipse; record wildfires for British Columbia; and a real estate market that still has our heads spinning! We began the Summer with a slight cooling of the market, and we are winding down the summer with a definite chill. While the average price for the month of July was still UP over the same month in 2016 (which is GREAT!), they are reflecting a more realistic market. Gone are the multiple offer and bidding war situations. Gone are the listings which sold within hours of going on the market. Gone are the inflated selling prices which sometimes made it difficult for buyers to come up with financing. Buyers now have more options. There are more listings on the market, so they have more choice. And even though interest rates hiked up ever so slightly, rates are still historically low. Here is a snapshot of how average selling prices have changed across our region over the past few months for detached residential properties:
July June May
Barrie $543,356 $524,873 $566,077
Innisfil $533,032 $542,125 $588,404
Essa $483,286 $608,143 $532,155
Oro-Medonte $640,250 $734,056 $767,560
Springwater $473,090 $700,715 $772,596
For more information on condominiums and townhomes, links and semi-detached homes, please contact me. Happy buying and selling everyone! And may the Fall be with you!