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Barrie and District home sales very strong in November
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 331 units in November 2014. This was up 21.2 per cent from last November.
Within the City of Barrie sales activity rose 19.5 per cent from a year earlier. The City of Barrie saw 208 residential sales in November. A year-over-year jump of 24.2 per cent was recorded in surrounding areas, where sales activity totalled 123 units.
“Resale housing activity posted its third best showing on record for the month of November, marking a seventh consecutive month of historically strong sales,” said the, President of the Barrie and District Association of REALTORS®. “With just one month left to go this year, sales in 2014 are on track to hit their highest annual level since 2007 and likely the second best ever. At the same time, with some of the tightest market conditions on record this year, the average home price looks set to post an increase of almost seven per cent compared to 2013.”
Some 4,598 homes have traded hands so far this year. This stands 3.4 per cent above the same period last year and now puts activity on track to post the best annual sales figure on record after 2007.
The year-to-date average price for all homes sold via the Association’s MLS® System to the end November 2014 was $340,784, up 6.8 per cent from the same period in 2013.
The year-to-date average price figure for homes sold within the City of Barrie was $319,023. This was a 6.2 per cent increase compared to the average selling price at the same time in 2013. The year-to-date average price figure for the surrounding areas was $371,853, an increase of 7.2 per cent over the same period from last year.
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 dollar value of all home sales in November 2014 was $115.1 million, jumping 36.6 per cent from year-ago levels. This was a record for the month of November.
November posted a decline in new supply after previously recording six consecutive double-digit year-over-year increases. New residential listings fell 9.2 per cent from a year earlier to 384 units in November 2014, the lowest level for this month in over a decade.
Overall supply remains below most of the past decade but has been trending at slightly higher levels in recent months. Active residential listings on the Association’s MLS® System numbered 1,126 units at the end of November 2014, edging up less than half of one per cent from year-ago levels.
There were 3.4 months of inventory at the end of November 2014. This was down from 4.1 months at the end of November 2013 and stood below the long-run average for this time of year as well. 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.
Sales of all property types in the Barrie region numbered 344 units in November, up 20.3 per cent compared to November 2013. The total value of all properties sold in November 2014 was $118.2 million, up 35.1 per cent on a year-over-year basis.
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.
