Barrie & District Association of REALTORS® MLS® home sales remain strong on back of surge in new listings
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totalled 545 units in March 2022. This was a significant reduction of 35% from March 2021.
Home sales were 7.2% above the five-year average and 9.4% above the 10-year average for the month of March.
On a year-to-date basis, home sales totalled 1,275 units over the first three months of the year. This was a decrease of 26.2% from the same period in 2021.
Within the City of Barrie, residential sales activity numbered 278 units in March 2022. This was a large decline of 44.1% on a year-over-year basis.
Sales activity in surrounding areas posted fell 21.7% on a year-over-year basis and totalled 267 units in March 2022.
"Home sales were down considerably from last year’s unprecedented March record but still came in well above typical levels for this time of year," said Luc Bouillon, President of the Barrie & District Association of REALTORS®. "A substantial influx of new supply was a very welcome sight in March. Overall inventories had previously dropped to the lowest levels on record with little relief in sight, and although the market is still experiencing some of the tightest conditions in history at least we have a bit more breathing room. The resurgence of supply may be an early start to the spring market, so we’ll see how much more of this comes to market and to what extent buyer appetites absorb this new inventory."
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 $958,400 in March 2022, a jump of 35.6% compared to March 2021.
The benchmark price for single-family homes was $1,003,600, a substantial gain of 35.4% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $700,800, an advance of 31.5% compared to a year earlier, while the benchmark apartment price was $592,400, up sharply by 43.7% from year-ago levels.
The average price of homes sold in March 2022 was $1,041,043, up sharply by 32% from March 2021.
The more comprehensive year-to-date average price was $1,047,570, a substantial increase of 34.8% from the first three months of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in March 2022 was $942,865. This was an advance of 33% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in March 2022 was $1,166,108, an advance of 33.9% 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 March 2022 was $567.4 million, a big reduction of 14.2% from the same month in 2021.
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 1,450 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