CREA Stats: October 2022 Barrie & District Home Sales
Barrie & District Association of REALTORS® MLS® home sales remain well below average in October but show signs of small rebound
The number of homes sold through the MLS® System of the Barrie & District Association of REALTORS® totalled 322 units in October 2022. This was a sharp decrease of 27.5% from October 2021.
Home sales were 25.6% below the five-year average and 23.3% below the 10-year average for the month of October.
On a year-to-date basis, home sales totalled 3,690 units over the first 10 months of the year. This was down sharply by 32.6% from the same period in 2021.
Within the City of Barrie, residential sales activity numbered 163 units in October 2022. This was a sharp decrease of 26.6% on a year-over-year basis.
Sales activity in surrounding areas posted a sharp decrease of 28.4% on a year-over-year basis and totalled 159 units in October 2022.
"Looking through the monthly seasonality it appears that home sales have marked a small rebound in the past few months compared to the bottom they hit back in July. Where we go from here is anyone’s guess but with very few interest rate hikes left on the horizon it’s possible we might begin to see some stabilization in the market ahead," said Luc Woolsey, President of the Barrie & District Association of REALTORS®. "New listings have been coming in remarkably strong over the past several months, posting some of the highest levels in history. This has boosted overall supply to levels unseen since the fourth quarter of 2019 and provides ample choice for those buyers willing to wade back into the market. With the effects of higher interest rates still yet to be fully realized and the housing market bordering between buyer’s and balanced territory we will likely see a continued moderation in prices through the end of the year and into 2023."
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 $794,800 in October 2022, a moderate decrease of 4.8% compared to October 2021.
The benchmark price for single-family homes was $833,900, falling by 5% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $564,100, down only 0.5% compared to a year earlier, while the benchmark apartment price was $535,700, up modestly by 1.3% from year-ago levels.
The average price of homes sold in October 2022 was $817,282, a decrease of 7.8% from October 2021.
The more comprehensive year-to-date average price was $942,093, a sizable gain of 15.5% from the first 10 months of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in October 2022 was $843,617. This was an increase of 15% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in October 2022 was $1,043,495, an increase of 14.6% 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 October 2022 was $263.2 million, a substantial reduction of 33.1% from the same month in 2021.
The number of new listings saw a gain of 23.8% from October 2021. There were 645 new residential listings in October 2022.
New listings were 2.3% below the five-year average and 3.9% above the 10-year average for the month of October.
Active residential listings numbered 960 units on the market at the end of October, more than double the levels from a year earlier, increasing 199.1% from the end of October 2021.
Active listings were 11.1% above the five-year average and 1.2% above the 10-year average for the month of October.
Months of inventory numbered 3 at the end of October 2022, up from the 0.7 months recorded at the end of October 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.
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