Barrie & District Association of REALTORS® MLS® home sales post second-best February on record
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totaled 466 units in February 2022. This was down sharply by 19.5% from February 2021.
Home sales were 19.5% above the five-year average and 27.1% above the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 731 units over the first two months of the year. This was a substantial decrease of 17.9% from the same period in 2021.
Within the City of Barrie, residential sales activity numbered 254 units in February 2022. This was a sharp decrease of 25.9% on a year-over-year basis.
Sales activity in surrounding areas posted a sharp decrease of 10.2% on a year-over-year basis and totaled 212 units in February 2022.
"It wasn’t quite the astronomical record of last February, but home sales were still trending higher than any other February in history," said Luc Bouillon, President of the Barrie & District Association of REALTORS®. "New listings surprised on the upside in February, coming in above average and not only putting a stop to the ongoing decline in overall inventories but actually lifting supply levels up from a record low. It's going to take a lot more than just one month of a solid influx of new supply to shift the market balance, as year-over-year benchmark price gains are still approaching 40%."
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 $940,600 in February 2022, a jump of 37.8% compared to February 2021.
The benchmark price for single-family homes was $986,000, a substantial gain of 37.5% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $696,900, an advance of 38.5% compared to a year earlier, while the benchmark apartment price was $568,100, up sharply by 44.2% from year-ago levels.
The average price of homes sold in February 2022 was a record $1,093,909, a jump of 42% from February 2021.
The more comprehensive year-to-date average price was $1,066,329, a substantial gain of 39.1% from the first two months of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in February 2022 was $951,652. This was a substantial increase of 35.3% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in February 2022 was $1,204,149, a substantial increase of 41.9% 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 February 2022 was $509.8 million, a gain of 14.3% from the same month in 2021. This was also a new record for the month of February.
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 1,400 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