Compared to last year, activity in the Barrie real estate market did pick up slightly this summer. However, the figures from June show a market that is still underperforming by a significant margin compared to the long-term averages. By all appearances, the city’s market has fallen quite a way from the highs seen just over a year ago and may have some distance to go to regain that ground.
Overall, 478 homes sold in Barrie and the surrounding region during the month of June. Year-over-year, this was a 15.2% increase in sales activity. In Barrie proper, 252 sales represented growth of 25.4% over the same period. When comparing year-to-date figures, however, the trend moves in the other direction. Throughout the first half of this year, 2,178 homes sold in Barrie. That was a drop-off of 28.5% compared to the first six months of 2017. This is due mostly to an extremely slow start to the year.
Listings Climbing as Demand Slackens
Despite soft demand compared to historic norms in the city, listings are being put up for sale at an increased pace in Barrie and the surrounding area. During June, 1,095 homes were put up for sale. At 15.9% higher than the rate that homes were listed at during June of last year, this represents a significant tilt in the market.
This becomes especially clear when taking into account the total listings now available in Barrie. At the end of the month, there were 1,766 homes listed in the region. At 41.5% growth compared to 2017, this has allowed the market to re-establish a much more balanced amount of inventory than what was seen at this time last year.
Regional Prices Climb Slightly, Barrie Prices Decline
The average sale price in the Barrie region climbed by a tiny margin in June. The average price of a home sold during the month was $511,855, only 0.3% higher than the average at this time last year. In Barrie proper, home prices dropped to an average of $479,553 on a year-to-date basis. This was 6.8% lower than last year.
Overall, Barrie seems to be moving through a slight decline in the market that hast lasted for roughly a year at this point. However, it is possible that through the end of 2018 and the start of 2019, more balanced conditions are going to emerge in the area. While it is unlikely that the record highs seen over the previous two years are going to be surpassed in the near future, growth in the area may be on the horizon.
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