Barrie & District Association of REALTORS® MLS® home sales continue to moderate despite record number of new listings
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totaled 426 units in May 2022. This was a substantial reduction of 36% from May 2021.
Home sales were 8.5% below the five-year average and 20.9% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 2,123 units over the first five months of the year. This was a sharp decrease of 31.9% from the same period in 2021.
Within the City of Barrie, residential sales activity numbered 205 units in May 2022. This was a big decline of 43.8% on a year-over-year basis.
Sales activity in surrounding areas posted a large decline of 26.6% on a year-over-year basis and totaled 221 units in May 2022.
"Recent interest rate increases have taken a bite out of demand, with more moderation expected in the face of the most recent and sizeable hike at the beginning of June," said Luc Woolsey, President of the Barrie & District Association of REALTORS®. "Our market is very well supplied at the moment, with the highest number of new listings in any May in history bringing some much-needed relief to the supply side and restoring balance to the market. With conditions finally appearing to move out of the unprecedented tightness of the past two years and available listings on the market rising from historical lows we might begin seeing previously sidelined buyers return 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 $955,600 in May 2022, a sizable gain of 25.6% compared to May 2021.
The benchmark price for single-family homes was $1,003,100, increasing by 26.2% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $680,900, a gain of 25.8% compared to a year earlier, while the benchmark apartment price was $619,100, up by 22.4% from year-ago levels.
The average price of homes sold in May 2022 was $1,001,372, up by 22% from May 2021.
The more comprehensive year-to-date average price was $1,022,995, an increase of 29.1% from the first five months of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in May 2022 was $915,993. This was a gain of 27.2% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in May 2022 was $1,134,422, a gain of 28.4% 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 May 2022 was $426.6 million, a big reduction of 22% from the same month in 2021.
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