The Barrie real estate market has undergone considerable changes in 2018, when compared 2017.
Potential homebuyers may benefit from knowing how the market has changed and must decide for themselves what decisions to make in light of these trends.
Barrie Real Estate: How 2018’s Trends Compare to 2017’s
Relative to 2017, prices have continued to rise in 2018 but at a slower rate. In particular, RE/MAX’s 2018 Housing Market Outlook Report shows us that:
• The average price only jumped 5% in 2018 versus 19% in 2017.
• In context, the rest of Canada had an average increase of 2.5%.
Different types of residences have changed in price as well.
• In January this year, detached homes and townhouses have risen in value since last year.
• Conversely, condo prices have dropped 3.6% since last year.
Also, the rate at which homes are being sold has slowed down.
• In early 2017, cheaper units in the $250,000 to $750,000 range sold out in a matter of weeks, whereas 2018 units are selling out in a month on average.
• That being said, the more expensive homes are selling faster than the cheaper ones, a reversal of 2017’s trend.
While looking at individual months, a general decrease in sales can be seen in 2018 from 2017.
• In January and February 2018, sales were 30% lower compared to the same period last year.
• In March of 2018, 370 residential units were sold, approximately a 50% drop since March last year. (According to Barrie and District Association Realtors)
• In April 2018, 415 units were sold, a decline of 31.7% from April 2017.
• From January to April this year, 855 homes were sold, approximately a 40% drop since the same period last year.
The number of new listings arriving on the market, however, has risen considerably, as 80% more were added at the beginning of this year than last year.
Barrie Real Estate’s Trends Now
According to other Industry experts, the stats for Barrie real estate shows that:
• In general, prices have risen in early 2018 and dipped to a low in mid-March before rising again in April.
• The average selling price is around $480k.
• Out of 957 new listings this May, only 159 were sold with an average 27 days on the market before selling.
What’s Causing These Changes?
New government regulations and increased immigration are the leading factors affecting price and market activity this year in Barrie real estate.
• The announcement of the Ontario Fair Housing Plan has led to a cool down on home sales this year according to BDAR President Geoff Halford.
• The recent price markups are due to homebuyers moving in from the GTA looking for better prices and more options according to RE/MAX regional VP for Western Canada Elton Ash.
• The purchasing power of homebuyers has lowered in Barrie along with many other cities.
• Prices are expected to remain constant throughout the year.
• But the volume of sales will most likely be lowered than expected.
With the market in a slower period, now may be the best time for you to jump in on some of the hottest Barrie real estate. If you are looking to buy or sell a house, the Mark Leader team is here to help you. Feel free to contact us today if you have any questions at all.