Barrie Real Estate Market Update – July 2014

Barrie Real Estate Market Update -  July 2014

Overall Canada’s Residential Real Estate Market  : How the housing market has cooled in most of Canada

According to CREA, the average price of a Canadian home sold in June was $413,215, up 6.9 per cent from June of last year. However, CREA noted that ifVancouver and Toronto are stripped out of the picture, the average Canadian house is worth a “more modest” $336,164 and the annual increase shrinks to 5.2 per cent.

“Across the country you can find a few major markets that are very, very strong but you can find most of the communities are not very strong at all right now,” said housing economist Will Dunning.” The economy is slowing down in a lot of places and the housing market is part of that slowdown.”

 

FIRST QUATER MARKET REPORT 2014Summary of Barrie & District Real Estate Market

Home Sales Activity 509 homes (increase 2%)

Average Price of  $341,097  (increase 7%)

House on Market 1,555 (down 2%)

 

Summary of Barrie Real Estate Market

Home Sales Activity 296 homes (up 7%)

Average Price of  $320,007 (increase 6%)

 

 

“Home sales were running at very strong levels in July 2014, marking just the second time in history that activity in the month of July has topped the 500 mark,” said Jerry Hay, President of the Barrie and District Association of REALTORS®. “As has been the case with much of Southern Ontario and cottage country this year, a big part of the recent strength of sales probably reflects the fact that a harsh winter meant many properties were not listed until late spring and so are only selling now. In other words, the strong summer reflects sales that otherwise may have happened earlier this year had the properties been on the market at that time.”

 

Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 509 units in July 2014. This was an increase of two per cent from last July.  Within the City of Barrie sales activity was up seven per cent from a year earlier.  The City of Barrie saw 296 residential sales in July.

 

The year-to-date average price for all homes sold via the Association’s MLS® System in July 2014 was $341,097 , up seven per cent from July 2013. The year-to-date average price figure for homes sold within the City of Barrie was  $320,007. This was a six per cent increase compared to the average selling price in July 2013.

 

Overall supply remains below levels seen in most of the past decade but has ticked higher in recent months. Active residential listings on the Association’s MLS® System numbered 1,555 units at the end of July 2014, down two per cent from year-ago levels.

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