Prices in the Barrie area hit their highest levels last year during the spring of 2017. Following this surge in the Barrier real estate market, prices steadily dropped until hitting a low in mid-summer. Currently, however, based on the results of the market throughout January and the first week of February, it appears as if prices in the Ontario city may be starting to climb again.
The average price of all homes sold in Barrie over the last month was $503,000. This was up 6.3% over the previous month. It also represents a 3.1% year-over year increase. Detached homes and townhouses both increased in value when compared to figures from a year ago. However, condos have dropped in value in Barrie recently. The average price of a Barrie condo over the last month was $304,000. This was 7% lower than the average price of a condo in the area a year ago.
Affordable Homes No Longer Flying off the Shelves in Barrie
At this time last year, homes priced between $250,000 and $500,000 in Barrie were only on the market for between 10 and 15 days. Affordably priced properties were selling almost as quickly as they were listed. Even properties in the next highest price bracket, those costing between $500,000 and $750,000, were moving in an average of under 20 days.
This situation has changed in Barrie in 2018. The market has slowed down and the average home in the city is now staying on the market for 28 days. Also of note is that the trend has reversed with regard to price brackets and days on market. Over the last month, the higher-priced homes have actually been selling faster than the lower priced homes, reversing the pattern we saw in 2017. In 2018, those in the $500,000 to $750,000 price bracket have been moving faster than more affordable homes, selling in an average of less than 25 days.
Surge in New Listings on Barrie Market
One of the biggest shifts when comparing the start of 2018 to 2017 has been the number of new listings coming on the market in Barrie. The start of 2018 saw 348 homes listed for sale between January 7th and February 4th. This was a full 80% more than were listed for sale over that same period last year. This has also resulted in a surge in overall inventory which sat at 432 homes at the end of the period.
The Barrie real estate market has changed a great deal since last year. The new mortgage regulations are having a massive impact in major centers like Toronto, but smaller Ontario markets with more reasonable price points may end up responding in a different way to these new guidelines. Barrie will serve as an excellent example of a city to watch as the trends influenced by the new mortgage rules become more firmly established.
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