Barrie & District Association of REALTORS® MLS® home sales slow in August as higher interest rates take a bite out of affordability
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totaled 316 units in August 2022. This was a sharp decrease of 21.6% from August 2021.
Home sales were 26.1% below the five-year average and 25.7% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 3,038 units over the first eight months of the year. This was down by 33.8% from the same period in 2021.
Within the City of Barrie, residential sales activity numbered 161 units in August 2022. This was a substantial decrease of 20.7% on a year-over-year basis.
Sales activity in surrounding areas posted a decrease of 22.5% on a year-over-year basis and totaled 155 units in August 2022.
"Housing market activity continues to trend well below typical levels for the month of August as higher interest rates continue to impact affordability," said Luc Woolsey, President of the Barrie & District Association of REALTORS®. "On the flipside, the overall inventory of homes on the market are well up from their rock bottom levels seen earlier in the year, which is good news for anyone looking to purchase or for those who have been waiting on the sidelines for an opportunity to enter the housing market."
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 $830,000 in August 2022, up by 5.6% compared to August 2021.
The benchmark price for single-family homes was $869,700, an increase of 5.6% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $581,700, a moderate gain of 6.5% compared to a year earlier, while the benchmark apartment price was $570,900, increasing by 12.1% from year-ago levels.
The average price of homes sold in August 2022 was $801,687, a decrease of 5.4% from August 2021.
The more comprehensive year-to-date average price was $970,175, a sizable gain of 20.3% from the first eight months of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in August 2022 was $868,482. This was increasing by 19.6% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in August 2022 was $1,073,352, increasing by 19.1% compared to the same month in 2021.
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 August 2022 was $253.3 million, a decline of 25.8% from the same month in 2021.
The number of new listings saw an advance of 55.5% from August 2021. There were 740 new residential listings in August 2022.
New listings were 8.4% above the five-year average and 7.8% above the 10-year average for the month of August.
Active residential listings numbered 1,103 units on the market at the end of August, more than double the levels from a year earlier, increasing 203.9% from the end of August 2021.
Active listings were 11.4% above the five-year average and 2.7% above the 10-year average for the month of August.
Months of inventory numbered 3.5 at the end of August 2022, up from the 0.9 months recorded at the end of August 2021 and above the long-run average of 2.7 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.
Disclaimer
The prices reflected in this media release are based on homes sold via the live Barrie and District Association of REALTORS® (BDAR) Matrix™ Multiple Listing Service (MLS®) only. Statistical anomalies in average home prices, including irregularly high and/or substantially low residential, sold unit prices have been evaluated and/or removed from the data sets used to calculate final averages in order to illustrate market trends with improved accuracy.
The Barrie & District Association of REALTORS®
The Barrie & District Association of REALTORS® cautions that over a period of time the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials between geographical areas. The prices reflected in this media release are based on homes sold via the live BDAR MLS® system only.
Using a Local Professional REALTOR®
“REALTOR®” is a professional designation. A REALTOR® is a licensed real estate professional belonging to local, provincial and national associations. They have completed an intensive real estate program and have the skill set, expertise and experiences that you will need when buying or selling your home. Realtors® have a network of resources available at their fingertips. They understand financing and mortgage rules, insurance and liability coverage, and all the legal details involved in real estate. As a skilled negotiator, your local BDAR Realtor® will help you get the most value when buying or selling a home.
About Home Price Index (HPI)
The MLS® Home Price Index (HPI) conducts an analysis based on prices for Benchmark properties tracked by the MLS® Home Price Index (HPI) for the overall market area served by the Barrie & District Association of REALTORS® Inc (BDAR). The MLS® HPI is the most accurate gauge for price levels and trends, which vary by neighbourhood. For more detailed information, please contact your local BDAR REALTOR®. To learn more visit https://www.crea.ca/housing-market-stats/mls-home-price-index/about-hpi/
About BDAR
The Barrie & District Association of REALTORS® (BDAR) represents over 1,500 REALTORS® in the Barrie and Simcoe County region. BDAR provides its members leadership opportunities, professional development, and other tools and services to help them deliver a high standard of services to their clients. BDAR is community‐focused and believes that community prosperity is largely based on shelter and home ownership. The Association has a strong focus on affordable housing and helping first‐time buyers understand how to get on the housing ladder. To learn more visit https://bdar.ca