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Barrie Real Estate Market Sets New High in July

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Barrie Real Estate Market Sets New High in July
3 min. read

The sale of private homes in the month of July set a new record in the Barrie real estate market. 6.6% more homes sold in Barrie and its surrounding district during July 2016 compared to the previous year. This was a total of 578 homes, which set a new highest total number of sales for the month. However, this perhaps shouldn’t come as a surprise in this active area, where the month of July has seen a sales increase every year for the last seven consecutive years. However, when the statistics are narrowed down to focus only on the city of Barrie proper, you actually see an 8% drop in total sales, demonstrating that the hotbeds of growth are the areas just outside the city itself.

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Shortage of Supply is the Headline in Barrie

The drop-off of sales in Barrie could certainly be partially attributed to the drop-off in available housing in the area. The total supply of available houses here is coming very near to becoming another record breaking statistic, as at the end of July there were only 966 homes left for sale throughout the entire region. This is more than a quarter fewer than were available at the same time last year, showing an unprecedented disparity between sales and available homes in the area.

Despite the lack of overall homes for interested buyers to choose from, new homes are actually coming on the market at an active and healthy rate. The 803 homes that came up for sale this July were actually 9% more than were listed at the same time last year, breaking the previous benchmark for the most new homes listed in the month of July. Despite this, there is only the equivalent of 1.7 months of inventory in Barrie, meaning at the current speed at which homes are selling, it would take less than eight weeks to deplete the total supply.

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Prices Jumping in Pace with Activity in Barrie

It should come as no surprise to anyone who has watched the movements of the real estate market in the past that with listings down remarkably and sales figures jumping, that prices are trending upward in the Barrie region. The Barrie and District Association of REALTORS prefers to track the average sale price on a year-to-date basis, which demonstrates clearly how strong a year 2016 has been. Through to the end of July, the average price throughout the region was $426,613. In the city of Barrie proper, that figure landed at $400,782. These figures represent price increases of 16.5% and 17.2% respectively from the previous year.

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