Barrie & District Association of REALTORS® MLS® home sales fall below average in June
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totaled 330 units in June 2022. This was a sharp decrease of 41.8% from June 2021.
Home sales were 30.9% below the five-year average and 34.8% below the 10-year average for the month of June.
On a year-to-date basis, home sales totaled 2,447 units over the first six months of the year. This was down sharply by 33.6% from the same period in 2021.
Within the City of Barrie, residential sales activity numbered 153 units in June 2022. This was a substantial reduction of 47.2% on a year-over-year basis.
Sales activity in surrounding areas posted a substantial reduction of 36.1% on a year-over-year basis and totaled 177 units in June 2022.
"Home sales continued to decline in June, with activity remaining slightly below what would be considered typical levels for this month," said Luc Woolsey, President of the Barrie & District Association of REALTORS®. "The market has been turned on its head – less than six months ago we were facing some of the tightest conditions in history, with demand outpacing supply by an extraordinary margin, and now those trends are beginning to reverse. In addition to sales dropping below-average levels, new listings returned to the market at the fastest rate for any June in history. The current level of available listings on the market also popped up above 1,000 for the first time since October 2019."
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 $906,300 in June 2022, a gain of 17.4% compared to June 2021.
The benchmark price for single-family homes was $949,800, up by 17.8% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $651,800, an increase of 20% compared to a year earlier, while the benchmark apartment price was $606,600, a sizable gain of 16.5% from year-ago levels.
The average price of homes sold in June 2022 was $924,830, an increase of 9.7% from June 2021.
The more comprehensive year-to-date average price was $1,009,254, a sizable gain of 26.1% from the first six months of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in June 2022 was $899,271. This was up by 24.3% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in June 2022 was $1,121,141, up by 25.5% 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 June 2022 was $305.2 million, a substantial reduction of 36.2% from the same month in 2021.
The number of new listings saw an advance of 39.1% from June 2021. There were 1,143 new residential listings in June 2022. This was the largest number of new listings added for the month of June and was also the highest number added for any month in history.
New listings were 19.7% above the five-year average and 29.7% above the 10-year average for the month of June.
Active residential listings numbered 1,136 units on the market at the end of June, more than double the levels from a year earlier, increasing 116% from the end of June 2021.
Active listings were 1.2% above the five-year average and 3.9% below the 10-year average for the month of June.
Months of inventory numbered 3.4 at the end of June 2022, up from the 0.9 months recorded at the end of June 2021 and above the long-run average of 2.5 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