Barrie & District Association of REALTORS® MLS® home sales remain below average in November but show signs of stabilizing
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totalled 267 units in November 2022. This was down sharply by 31.5% from November 2021.
Home sales were 24.8% below the five-year average and 23.5% below the 10-year average for the month of November.
On a year-to-date basis, home sales totalled 3,960 units over the first 11 months of the year. This was a substantial decline of 32.5% from the same period in 2021.
Within the City of Barrie, residential sales activity numbered 129 units in November 2022. This was a big decline of 36.1% 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 totalled 138 units in November 2022.
"Although home sales are still trending well below average levels for this time of year, looking through the seasonality on a month-to-month basis we can see that activity has stabilized at slightly higher levels over the past few months after reaching a bottom in July," said Luc Woolsey, President of the Barrie & District Association of REALTORS®. "New listings remain at historically strong levels and have raised overall inventories to levels not seen since mid-2019. There may still be some trepidation among buyers waiting to come back into the market as we continue adjusting to a highest interest rate environment, but sellers have proven they are not shying away from listing their homes through MLS®."
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 $782,500 in November 2022, a decrease of 9% compared to November 2021.
The benchmark price for single-family homes was $820,000, a moderate decrease of 9.1% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $562,500, falling by 5.6% compared to a year earlier, while the benchmark apartment price was $534,100, a modest decline of 1.9% from year-ago levels.
The average price of homes sold in November 2022 was $814,838, a large decline of 11.1% from November 2021.
The more comprehensive year-to-date average price was $933,521, increasing by 13.5% from the first 11 months of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in November 2022 was $834,542. This was a gain of 12.8% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in November 2022 was $1,034,725, a gain of 12.8% 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 November 2022 was $217.6 million, a sharp decrease of 39.1% from the same month in 2021.
The number of new listings was up by 18.2% from November 2021. There were 500 new residential listings in November 2022.
New listings were 4.8% above the five-year average and 10.5% above the 10-year average for the month of November.
Active residential listings numbered 808 units on the market at the end of November, more than double the levels from a year earlier, jumping 219.4% from the end of November 2021.
Active listings were 14.3% above the five-year average and 2.3% above the 10-year average for the month of November.
Months of inventory numbered 3 at the end of November 2022, up from the 0.6 months recorded at the end of November 2021 and above the long-run average of 2.4 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