Barrie and District Home Sales – February 2020
Residential property sales recorded through the Matrix™ System in the Barrie & District Association of REALTORS® Inc. (BDAR) region numbered 440 units in February 2020. This was a large increase of 60.6% from February 2019 and was running just behind the record for that month set back in 2017.
On a year-to-date basis, home sales totalled a record 700 units over the first two months of the year, up 39.7% from the same period in 2019.
Within the City of Barrie, residential sales activity numbered 228 units in February 2020. This was more than double the activity on a year-over-year basis.
Sales activity rose 32.7% on a year-over-year basis in surrounding areas, where sales activity totalled 223 units in February 2020.
“The number of home sales posted a surprisingly large gain in February, although maybe not all that surprising when you see how many more new listings became available,” said Robin Jones, 2020 BDAR President. “Going forward, we may see pause on that trend as both buyers and sellers scale back activity amid the current coronavirus situation.”
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 $490,500, up 5.2% in February 2020 compared to February 2019.
The benchmark price for single-family homes was $499,900, up 4.9% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $328,900, rising 10% compared to a year earlier, while the benchmark apartment price was $372,900, up 8.3% from year-ago levels.
The average price of homes sold in February 2020 was $544,023, up 5.2% from February 2019. The more comprehensive year-to-date average price was $537,264, climbing 6.8% from the first two months of 2019.
The year-to-date average price figure for homes sold within the City of Barrie in February 2020 was $515,118. This was up 10% compared to the same month in 2019.
The year-to-date average price figure in surrounding areas in February 2020 was $560,420, an increase of 6.1% 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 February 2020 was $239.4 million, a large increase of 68.9% from the same month in 2019. This was also a new record for the month of February.
There were 687 new residential listings in February 2020. This was an increase of 19.3% on a year-over-year basis. This was the largest number of new listings added in the month of February in more than 25 years.
Active residential listings numbered 848 units at the end of February. This was a decrease of 19.8% from levels seen at the end of February 2019.
Months of inventory numbered just 1.9 at the end of February 2020, down from the 3.9 months recorded at the end of February 2019 and below the 10-year average of 3.1 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 470 units in February 2020, jumping 66.1% from February 2019. The total value of all properties sold was $263.3 million, a large 79.1% increase from February 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