CREA Stats: December 2022 Barrie & District Home Sales
Barrie & District Association of REALTORS® MLS® home sales post subdued finish to 2022 and lowest annual level since 2018.
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totaled 181 units in December 2022. This was down sharply by 26.4% from December 2021.
Home sales were 22.2% below the five-year average and 19.3% below the 10-year average for the month of December.
On an annual basis, home sales totaled 4,139 units over the course of 2022. This was a substantial decline of 32.3% from the same period in 2021.
Within the City of Barrie, residential sales activity numbered 70 units in December 2022. This was a substantial decline of 48.5% on a year-over-year basis.
Sales activity in surrounding areas was essentially unchanged, up just 0.9% on a year-over-year basis and totaled 111 units in December 2022.
"Although monthly sales are still trending well below year-ago levels and the general average for this time of year, the momentum heading into 2023 is much better than it was half a year ago when the market bottomed out," said Luc Woolsey, President of the Barrie & District Association of REALTORS®. "We don’t expect sales to return to the astronomical levels of the past two years, but we are moving towards a return to more normal levels as the market rebalances between supply and demand and continues to adjust pricewise to higher interest rates. We’ll have a clearer picture of where demand is heading once the spring arrives and more supply returns to the 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 $782,900 in December 2022, a substantial decline of 11.7% compared to December 2021.
The benchmark price for single-family homes was $821,000, a sharp decrease of 11.6% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $580,100, down by 5.9% compared to a year earlier, while the benchmark apartment price was $520,300, a decrease of 9.1% from year-ago levels.
The average price of homes sold in December 2022 was $844,144, a large decline of 11% from December 2021.
The more comprehensive annual average price was $929,589, increasing by 12.4% from all of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in December 2022 was $829,975. This was increasing by 11.5% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in December 2022 was $1,029,443, increasing by 11.5% 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 December 2022 was $152.8 million, a sharp decrease of 34.5% from the same month in 2021.
The number of new listings was up by 20.7% from December 2021. There were 257 new residential listings in December 2022.
New listings were 9.4% above the five-year average and 13.9% above the 10-year average for the month of December.
Active residential listings numbered 606 units on the market at the end of December, more than double the levels from a year earlier, jumping 323.8% from the end of December 2021.
Active listings were 25.6% above the five-year average and 9.3% above the 10-year average for the month of December.
Months of inventory numbered 3.3 at the end of December 2022, up from the 0.6 months recorded at the end of December 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.
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/
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