Summer Market Update
Wednesday, Aug 23, 2017
Real Estate Market Report
It seems everywhere you turn people are talking about the real estate market…or maybe people just talk to me about it because I am REALTOR®, either way, knowing the most important sales numbers will better prepare you to buy or sell a home. We are having an interesting summer, as the market has started to level out and shift from an abnormally strong seller’s market.
The following market update is easy to understand and highlights everything you need to know about local real estate trends.
According to the Barrie & District Association of REALTORS®, within the City of Barrie, detached residential properties posted an average selling price for the month of July 2017 of $543,356 an increase of 18% over July 2016.
Residential townhouse, link, and semiâ€detached homes in the City of Barrie posted an average selling price of $382,002 in July 2017, a 14% increase over July 2016. Condominium sales average for the City of Barrie for the month of July 2017 was $378,218, a 37% increase compared to July 2016.
Balance is returning to the market Barrie as the total number residential sales have dropped 42% from this time last year (there were 331 housing sales in July 2017 compared to 578 in July 2016). Overall supply has increased dramatically from 260 homes listed in July 2016 to over 500 listing July 2016.
With the uncertainty in the market, some buyers are hesitant to purchase and sellers are seeing their home sit on the market for longer periods. Although prices are still rising in Barrie and surrounding areas (compared to this time last year), they are generally increasing at a lower rate than they were in the first few months this year.
Each neighbourhood and home is impacted differently by this shift, so it is always best to contact your REALTOR® if you want to learn more about the how the current market has impacted the value of your home.
Here to help,
Geoff Morgan, Your Real Estate Specialist
Sales Representative
Sutton Group Incentive Realty
Direct: 705-790-0830
Website: geoffmorgan.ca
