CREA Stats: July 2022 Barrie & District Home Sales
Barrie & District Association of REALTORS® MLS® home sales decline, supply levels continue to rise
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totaled 278 units in July 2022. This was a big decline of 44.6% from July 2021.
Home sales were 39% below the five-year average and 40.2% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 2,723 units over the first seven months of the year. This was a significant reduction of 35% from the same period in 2021.
Within the City of Barrie, residential sales activity numbered 133 units in July 2022. This was a big decline of 48.6% on a year-over-year basis.
Sales activity in surrounding areas fell 40.3% on a year-over-year basis and totaled 145 units in July 2022.
“Home sales have declined sharply since February of this year, due almost entirely to a rapid set of steep interest rate increases that have brought mortgage rates up from historical lows," said Luc Woolsey, President of the Barrie & District Association of REALTORS®. "There’s going to be a lot of adjustment on both sides of the market over the remainder of the year as all participants revise their expectations – buyers on what they can afford and sellers on price expectations. We’ve still got a few more rate hikes expected before year end, so we anticipate the market to continue rebalancing as supply outpaces demand for the time being."
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 $867,300 in July 2022, increasing by 11.5% compared to July 2021.
The benchmark price for single-family homes was $908,600, a gain of 11.6% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $609,600, up by 10.3% compared to a year earlier, while the benchmark apartment price was $594,000, an increase of 18% from year-ago levels.
The average price of homes sold in July 2022 was $819,806, down only 0.1% from July 2021.
The more comprehensive year-to-date average price was $989,708, up by 23.3% from the first seven months of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in July 2022 was $887,011. This was a gain of 22.4% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in July 2022 was $1,093,695, a gain of 22% 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 number of new listings saw a jump of 43.3% from July 2021. There were 850 new residential listings in July 2022.
New listings were 8.9% above the five-year average and 18.9% above the 10-year average for the month of July.
Active residential listings numbered 1,193 units on the market at the end of July, more than double the levels from a year earlier, rocketing up 183.4% from the end of July 2021.
Active listings were 11.6% above the five-year average and 6.6% above the 10-year average for the month of July.
Months of inventory numbered 4.3 at the end of July 2022, up from the 0.8 months recorded at the end of July 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