Barrie Real Estate Market Update – February 2014

Barrie Real Estate Market Update - February 2014

According to the Canadian Real Estate Association, a seasonally adjusted 36,658 homes sold in January. This is up 2.7% from last year but down 3.3% from December. Both home sales and prices remain above levels seen last January. Severe weather likely played some role in the month-to-month decline. Buyers willing to purchase during these colder months may be able to take advantage of the pause in prices, but will have to navigate seasonally tight inventory levels. Sellers looking to take advantage of last year’s price appreciation will want to pay close attention to local price trends if the national trend continues to be flat in coming months.

 


Barrie & District Real Estate Market January 2014Summary of Barrie & District Real Estate Market

Home Sales Activity 294 homes

Average Price of $327,845

 

 

 

 

 

 


Barrie Real Estate Market January 2014Summary of Barrie Real Estate Market

Home Sales Activity 175 homes

Average Price of $306,991

 

 

 

 

 

 

Interest Rates

1-Year Mortgage 3.14%

3-Year Mortgage 3.75%

5-Year Mortgage 5.24%

Historical Average 9.78%

 

According to the Bank of Canada (BOC), interest rates on 5-year conventional mortgages declined in January, while rates on 3- and 2-year terms held steady.

 

 

“Home sales were back in line with year-ago levels in February following a dip in January,” said Jerry Hay, President of the Barrie and District Association of REALTORS®. “Activity was also back above the five-year average in February, and the average home price saw another big gain.”

 

Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 294 units in February 2014. This was unchanged from last February.Within the City of Barrie sales activity was down 11 per cent from a year earlier. The City of Barrie saw 175 residential sales in February.

 

The year-to-date average price for all homes sold via the Association’s MLS® System in February 2014 was $327,845, up nine per cent from February 2013. The year-to-date average price figure for homes sold within the City of Barrie was $306,991. This was a seven per cent increase compared to the average selling price in February 2013.

 

Overall supply remains below levels seen in most of the past decade. Active residential listings on the Association’s MLS® System numbered 992 units at the end of February 2014, down 18 per cent from year-ago levels and the lowest February in more than two decades. Sales of all property types in the Barrie region numbered 300 units in February, up just one sale compared to February 2013.

 

If you would like to know more information about Barrie Real Estate or consider to sell your home, please feel free to contact Scott.

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