Barrie & District Association of REALTORS® MLS® home sales blow past expectations as listings finally return to market
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totaled 883 units in March 2021. This was a substantial gain of 95.8% from March 2020. This was also a new sales record for the month of March and was the highest level for any month in history.
On a year-to-date basis, home sales totaled a record 1,755 units over the first three months of the year. This was a significant increase of 58% from the same period in 2020.
Within the City of Barrie, residential sales activity numbered 503 units in March 2021. This was more than double the levels from a year earlier, leaping 102% on a year-over-year basis.
Sales activity posted a jump of 88.1% on a year-over-year basis in surrounding areas, where sales totalled 380 units in March 2021.
"March brought a record setting start to the traditionally hot spring market." said Chantal Godard, President of the Barrie & District Association of REALTORS®. "MLS® home sales set both a new March monthly and single month record during the period. There was also a marked improvement in the number of newly listed resale properties during the month of March, which helped shore up overall inventory. We are cautiously optimistic that active listings have bottomed out and we expect that as vaccines start to rollout widely and people start to emerge from the current lockdowns, we will see a further uptick in the number of new listings. In the meantime, the twin factors of depleted inventory and strong demand continue to contribute to maintaining the extremely tight market conditions that we have been experiencing. As a result, average price set yet another all-time record for the fourth month in a row in March."
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 was $713,500 in March 2021, a rise of 36% compared to March 2020.
The benchmark price for single-family homes was $748,700, advancing 37% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $528,900, rising 39.7% compared to a year earlier, while the benchmark apartment price was $422,000, a gain of 18.7% from year-ago levels.
The average price of homes sold in March 2021 was a record $792,493, up sharply by 38.2% from March 2020.
The more comprehensive year-to-date average price was $777,997, increasing 36.7% from the first three months of 2020.
The year-to-date average price figure for homes sold within the City of Barrie in March 2021 was $708,754. This was an advance of 35% compared to the same month in 2020.
The year-to-date average price figure in surrounding areas in March 2021 was $866,574, up significantly by 39.4% compared to the same month in 2020.
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 March 2021 was $699.8 million, more than double the levels from a year earlier, leaping 170.6% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw a large gain of 37.6% from March 2020. There were 1,119 new residential listings in March 2021. This was the largest number of new listings added for the month of March and was also the highest number added for any month in history.
Active residential listings numbered 426 units on the market at the end of March, a sharp decrease of 54.7% from the end of March 2020. Active listings haven't been this low in the month of March in more than 25 years.
Months of inventory numbered 0.5 at the end of March 2021, down from the 2.1 months recorded at the end of March 2020 and below the long-run average of 2.4 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.
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.
BARRIE & DISTRICT ASSOCIATION OF REALTORS® INC.
For more information,
- (705) 739-4650