Barrie & District Association of REALTORS® Inc.
Barrie and District housing market activity reaches new record in September
Residential property sales recorded through the Matrix™ System in the Barrie & District Association of REALTORS® Inc. (BDAR) region numbered 611 units in September 2020. This was a large increase of 53.1% from September 2019. This was also a new sales record for the month of September.
On a year-to-date basis, home sales totalled 4,323 units over the first nine months of the year. This was an increase of 23.2% from the same period in 2019.
Within the City of Barrie, residential sales activity numbered 328 units in September 2020. This was a massive increase of 53.3% on a year-over-year basis.
Sales activity jumped 53% on a year-over-year basis in surrounding areas, where sales activity totalled 238 units in September 2020.
“Home sales reached a new record in September, cracking the 600-unit mark for the first time in the months history,” said Robin Jones, BDAR President. “While we are seeing incredible strength in demand, new supply came in lower than this time last year, which is giving us one of the tightest markets on record. As a result, the pool of available listings is shrinking, and prices continue to reach new record levels.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for Barrie & District was $550,900, rising 16.7% in September 2020 compared to September 2019.
The benchmark price for single-family homes was $569,800, rising 17.1% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $390,900, rising 17.7% compared to a year earlier, while the benchmark apartment price was $381,700, rising 10.3% from year-ago levels.
The average price of homes sold in September 2020 was a record $666,356, rising 24.8% from September 2019.
The more comprehensive year-to-date average price was $616,307, rising 15.1% from the first nine months of 2019.
The year-to-date average price figure for homes sold within the City of Barrie in September 2020 was $553,403. This was up 12.7% compared to the same month in 2019.
The year-to-date average price figure in surrounding areas in September 2020 was $684,894, an increase of 18.1% compared to the same month in 2019.
The Barrie & District Association of REALTORS® cautions that over time the use of average price information can be useful in establishing trends but does not indicate actual prices in widely divergent areas or account for price differentials between geographical areas.
The dollar value of all home sales in September 2020 was $407.1 million, a large increase of 91.2% from the same month in 2019. This was also a new record for the month of September.
There were 739 new residential listings in September 2020. This was a decrease of 12.8% on a year-over-year basis.
Overall supply levels have been dropping sharply since the beginning of the year. Active residential listings numbered 586 units at the end of September. This was a large decline of 59.6% from levels seen at the end of September 2019.
Months of inventory numbered 1 at the end of September 2020, down from the 3.6 months recorded at the end of September 2019 and below the long-run average of 3.2 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Sales of all property types in the Barrie region numbered 642 units in September 2020; this was a large increase of 55.8% from September 2019. The total value of all properties sold was $441 million, a large increase of 99.9% from September 2019.
|Residential Sales and Average Price by Area|
|Area||September 2020||September 2019||Year-Over-Year % Change||September 2020||September 2019||Year-Over-Year % Change|
|All Other Areas||611||399||53.1||$666,356||$533,825||24.8|
BOARD & ASSOCIATION INFORMATION
The Barrie and District Association of REALTORS® Inc. covers a geographical area that includes the City of Barrie and part or all of the surrounding townships, including Springwater, Oro-Medonte, Innisfil, Essa, Bradford-West Gwillimbury and Clearview. The Association provides continuing education, Multiple Listing Service® (MLS®), statistical information, and many other services to its members.
The average price information quoted can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.