Barrie & District home sales have best month ever in May 2016
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 659 units in May 2016, an increase of 5.4 per cent from May 2015. This was a new all-time record.
Within the City of Barrie, sales activity edged down 0.5 per cent on a year-over-year basis. The City of Barrie saw 373 residential sales in May. A year-over-year increase of 16 per cent was recorded in surrounding areas, where sales activity totalled 334 units.
“While home sales did post another new all-time record in May, they only edged out April by one sale, and that actually suggests that the increasing shortage of supply is starting to tap the brakes on how many homes can trade hands in a given month despite very strong demand,” said Mike Douglas, President of the Barrie and District Association of REALTORS®. “That said, based on what’s already happened this year activity is on track to set a new annual record in 2016. Given increasingly tight supply, the balance of the year could see less eye-popping sales numbers but even stronger price growth, and May seemed to offer some early evidence of that.”
The year-to-date average price for all homes sold via the Association’s MLS® System was $415,443, up 14.4 per cent from May 2015.
The year-to-date average price figure for homes sold within the City of Barrie was $391,345. This was a 16.4 per cent increase compared to the average selling price in the first five months of 2015.
The year-to-date average price figure for the surrounding areas in 2016 was $444,505, an increase of 10.7 per cent from the average selling price in the first five months of 2015.
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 May 2016 was $296 million, rising 26 per cent from year-ago levels. This was the highest level of any month on record.
New residential listings were down 13.5 per cent from May 2015 to 873 units in May 2016.
Overall supply is currently trending near the lowest levels on record. Active residential listings on the Association’s MLS® System numbered 947 units at the end of May 2016, down 36.1 per cent from year-ago levels.
There were just 1.4 months of inventory at the end of May 2016, down from 2.4 months a year earlier and the lowest level on record. 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 688 units in May, up 5.8 per cent compared to May 2015. The total value of all properties sold in May 2016 was $307.6 million, up 24.1 per cent on a year-over-year basis.
Courtesy of CREA.ca