Barrie and District Home Sales – May 2020
Residential property sales recorded through the Matrix™ System in the Barrie & District Association of REALTORS® Inc. (BDAR) region numbered 417 units in May 2020. This was a decrease of 17.1% from May 2019 but was double the lows seen in April as buyers jump back into the market.
On a year-to-date basis, home sales totalled 1,839 units over the first five months of the year. This edged down 3.5% from the same period in 2019.
Within the City of Barrie, residential sales activity numbered 200 units in May 2020. This was down 18% on a year-over-year basis.
Sales activity fell 16.2% on a year-over-year basis in surrounding areas, where sales activity totalled 217 units in May 2020.
“Home sales and active listings both posted strong rebounds in May when compared to April as both buyers and sellers jump back into the market,” said Robin Jones, 2020 Barrie and District Association of REALTORS® (BDAR) President. “The average price has been increasing at a stronger rate over the last few months, reflecting the ongoing issue of lack of supply. Although a long way from a full recovery, May’s sales numbers show a significant increase in confidence in the market and show proof that a lot of housing forecasts mentioned in the media don’t reflect what is happening in our local markets.”
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 $516,400, rising 12% in May 2020 compared to May 2019.
The benchmark price for single-family homes was $534,600, rising 12.5% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $363,100, rising 13.3% compared to a year earlier, while the benchmark apartment price was $359,700, up 5.2% from year-ago levels.
The average price of homes sold in May 2020 was $557,371, up 5.6% from May 2019.
The more comprehensive year-to-date average price was $546,040, up 5.3% from the first five months of 2019.
The year-to-date average price figure for homes sold within the City of Barrie in May 2020 was $524,139. This was up 6.5% compared to the same month in 2019.
The year-to-date average price figure in surrounding areas in May 2020 was $556,985, an increase of 4.8% compared to the same month in 2019.
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 dollar value of all home sales in May 2020 was $232.4 million, decreasing by 12.5% from the same month in 2019.
There were 657 new residential listings in May 2020. This was a large decline of 42.2% on a year-over-year basis.
Active residential listings numbered 1,048 units at the end of May. This was a large decline of 38.2% from levels seen at the end of May 2019.
Months of inventory numbered 2.5 at the end of May 2020, down from the 3.4 months recorded at the end of May 2019 and below the long-run average of 2.8 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 435 units in May 2020; this was a decrease of 18.4% from May 2019. The total value of all properties sold was $238.9 million, decreasing by 19.7% from May 2019.
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