Barrie Real Estate Market Update – May 2014

Barrie Real Estate Market Update -  May 2014

Overall Canada’s Residential Real Estate Market

According to The Globe and Mail, “Canadian home sales sprang to life in May, coming in 4.8 per cent higher than a year earlier, according to data released by the Canadian Real Estate Association on Monday, June 16, 2014.”  The national average sales price was up 7.1 per cent in May from a year earlier. “The housing market remains remarkably resilient,” Bank of Montreal economist Benjamin Reitzes said. “Not coincidentally, mortgage rates have fallen once again, with sub-3 per cent rates on offer.”

 

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

Home Sales Activity 581 homes (down 2%)

Average Price of  $337,659  (increase 7%)

House on Market 1,543 (down 5%)

 

Summary of Barrie Real Estate Market

Home Sales Activity 349 homes (up 5%)

Average Price of  $321,252 (increase 7%)

 

 

“Even though home sales overall were down a bit from last May, 581 is still a very strong sales figure. In fact, it was the third highest of any month in history,” said Jerry Hay, President of the Barrie and District Association of REALTORS®. “New listings also nearly set a new record in May, while the dollar volume of sales passing through the Association’s MLS® System did set a new record. It just missed breaking through the $200 million mark, so definitely a very good month for the local housing market.”

 

Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 581 units in May 2014. This was down just two per cent from last May.  Within the City of Barrie sales activity was up five per cent from a year earlier.  The City of Barrie saw 349 residential sales in May.

 

The year-to-date average price for all homes sold via the Association’s MLS® System in May 2014 was $337,659 , up 7 per cent from May 2013. The year-to-date average price figure for homes sold within the City of Barrie was  $321,252. This was an seven per cent increase compared to the average selling price in May 2013.

 

Overall supply remains below levels seen in most of the past decade. Active residential listings on the Association’s MLS® System numbered 1,543 units at the end of May 2014, down five per cent from year-ago levels and the lowest May in more than a decade.

 

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