Barrie & District Association of REALTORS® Inc.

Barrie & District Association of REALTORS® MLS® home sales continue rising on a monthly basis in October

The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totaled 460 units in October 2021. This was down by 22.8% from October 2020 but was still one of the best levels for the month on record.

Home sales were 2.1% above the five-year average and 6.9% above the 10-year average for the month of October.

On a year-to-date basis, home sales totaled a record 5,605 units over the first 10 months of the year. This was an increase of 13.7% from the same period in 2020.

Within the City of Barrie, residential sales activity numbered 221 units in October 2021. This was a sharp decrease of 31.2% on a year-over-year basis.

Sales activity in surrounding areas posted a decline of 13.1% on a year-over-year basis and totaled 239 units in October 2021.

"Over the past two months, including October, we’ve seen a gradual rise in sales and new listings returning to the market," said Chantal Godard, President of the Barrie & District Association of REALTORS®. "However, with new supply only matching sales activity and still not enough to satiate existing levels of demand, overall inventories continue falling to new record lows. The increasing lack of supply is sustaining continued benchmark price growth above 30%."

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 $786,500 in October 2021, an advance of 35.7% compared to October 2020.

The benchmark price for single-family homes was $826,000, up sharply by 36% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $554,100, a substantial increase of 35.7% compared to a year earlier, while the benchmark apartment price was $481,100, a jump of 33.9% from year-ago levels.

The average price of homes sold in October 2021 was a record $876,018, a notable gain of 27.8% from October 2020.

The more comprehensive year-to-date average price was $815,105, a gain of 30.5% from the first 10 months of 2020.

The year-to-date average price figure for homes sold within the City of Barrie in October 2021 was $733,149. This was a significant increase of 31.1% compared to the same month in 2020.

The year-to-date average price figure in surrounding areas in October 2021 was $905,130, an increase of 29.9% 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 October 2021 was $403 million, was a modest decline of 1.4% from the same month in 2020.

The number of new listings was down sharply by 18.8% from October 2020. There were 536 new residential listings in October 2021. This was the lowest number of new listings added in the month of October in more than five years.

New listings were 21.5% below the five-year average and 13.8% below the 10-year average for the month of October.

Active residential listings numbered 329 units on the market at the end of October, a considerable drop of 36.4% from the end of October 2020. Active listings haven't been this low in the month of October in more than 25 years.

Active listings were 64.6% below the five-year average and 67.5% below the 10-year average for the month of October.

Months of inventory numbered 0.7 at the end of October 2021, down from the 0.9 months recorded at the end of October 2020 and below the long-run average of 2.5 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.


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BARRIE & DISTRICT ASSOCIATION OF REALTORS® INC.

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For more information,
please contact:

President
Chantal Godard