Residential property sales recorded through the MLS® System of the Barrie District Association of REALTORS® Inc. were down considerably in July 2010. A slowdown in demand in Ontario had been widely expected in July, with many purchases having been brought forward into the first half of the year in advance of the introduction of the HST.

Residential sales numbered 309 units in July 2010, down 31 per cent from the second best July on record last year. On a year-to-date basis, sales activity remains four per cent above levels reported in the first seven months of 2009.

“The introduction of the HST was the last in a string of temporary factors that have resulted in considerable volatility in the market over the past two years,” said Elizabeth Wilson, President of the Barrie and District Association of REALTORS®. “With these factors now largely in the rear-view mirror, buyers and sellers can look forward to a more stable market, with demand that is more in line with economic fundamentals.”

The average price for homes sold via the Association’s MLS® System in the first seven months of the year was $278,611, up six per cent from the same period last year.

The Barrie & District Association of REALTORS® cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials, between geographical areas.

The total dollar value of all home sales amounted to $82.7 million in July 2010, 31 per cent below year-ago levels.

Total sales activity in the Barrie region numbered 325 units in July, down 30 per cent on a year-over-year basis. The total value of all properties sold in July 2010 was $88.2 million, a decrease of 30 per cent from July 2009.

New listings were down six per cent from a year earlier to 645 units in July. New listings have been trending lower in recent months, as supply adjusts to softer sales, and this is helping to maintain a healthy balance of supply and demand in the marketplace.

The number of active residential listings on the Association’s MLS® System rose four per cent on a year-over-year basis to 1,933 units at the end of July 2010.

There were 6.3 months of inventory at the end of July 2010, up from 4.1 months one year earlier. 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.

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.