Canada’s real estate market is changing quickly, and the city of Barrie is no exception.
Considerable changes in price, sales volume, and market conditions can be observed in Barrie’s dynamic market. Here are some recent trends from the spring of 2018 in Barrie real estate.
April Pricing for Barrie Real Estate
In general, housing prices have lowered this spring compared to the spring of 2017 last year. Barrie’s average sale price for residential units was $484k. To put that number into perspective:
• That price is 15% lower than the price during 2017’s spring. In contrast, the cities surrounding Barrie experienced small rises in property prices.
• To compare, neighboring districts Oro-Medonte and Essa both experienced an approximate 8% drop in price since last year.
• Springwater and Innisfil both experienced a 20% drop in price since last year.
• Prices stayed true to their listings. On average, the sale price was 98% of the listing price.
Reduced Sales Volume
2017 was a strong selling year for Barrie real estate with February at the peak of sales volume. However, this spring saw a substantial decrease in sales compared to last year.
• February 2018 saw 263 residential units sold, a 43% decrease compared to February 2017.
• March 2018 saw 370 residential units sold, a 50% decrease compared to March 2017.
• April 2018 saw 317 residential units sold, a 43% decrease compared to April 2018.
For context, the areas surrounding Barrie only saw a 40% decrease in sales compared to last year. The shrinking number of buyers on the market has been attributed to government regulations regarding new mortgage rules.
Increased Sales Inventory
While sales are rather subdued throughout early to mid-2018, the number of new listings hitting the market was higher than ever. At the beginning of 2018, 600 new residential units were put on the market in 28 days. In late spring, that figure grew to 1,400 new units in a single month.
In fact, the rising inventory continues a year-by-year trend for Barrie real estate, as the number of new listings has been rising steadily for almost a decade now.
Changing Market Composition
The speed at which different types of properties are sold has changed since last year as well. For instance, higher-priced homes were selling much slower than cheaper ones last year.
• Homes priced below $250,000 were sold almost instantly.
• Homes priced $250,000 to $500,000 sold in about 10-15 days.
• Homes in the $500,000 to $750,000 range stayed on the market for nearly 20 days.
This spring, homes stayed on the market for 28 days on average before being sold. Additionally, expensive properties sold faster than cheaper ones in many cases.
Finding Your Next Home
If you’re interested in purchasing a home in Barrie, make the Mark Leader team your next call. We help interested buyers and sellers get the best deals possible in Barrie and surrounding areas. Looking for something special, join our new listings list!
Feel free to get in touch with a member of our sales team today to book a meeting.