The Month of June Shattered Real Estate Records!
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 609 units in June 2015, an increase of 10.1 per cent from June 2014. This was the third best level of any month on record, and marked the first time in history that June sales surpassed the 600 mark.
Within the City of Barrie, sales activity rose 29.5 per cent on a year-over-year basis. The City of Barrie saw 408 residential sales in June. A year-over-year increase of 6.7 per cent was recorded in surrounding areas, where sales activity totalled 254 units.
On a year-to-date basis home sales totalled 2,818 units over the first half of 2015. This was up 13.6 per cent from 2014 and marked the best start to any year on record.
“Housing markets all over the Greater Golden Horseshoe region continue to see very strong demand amid tight supply,” said Bruce Shipley, President of the Barrie and District Association of REALTORS®. “Some of those markets, including the Barrie region, have seen a good amount of new supply come on stream and are setting sales records as those properties are quickly snapped up. Both sales and new listings in the Barrie region set new June records. That said, demand is still outpacing new supply, resulting in some of the lowest levels of overall inventory on record. This, in turn, is pushing price higher.”
The year-to-date average price for all homes sold via the Association’s MLS® System in 2015 was $365,309, up 7.3 per cent from the same period in 2014.
The year-to-date average price figure for homes sold within the City of Barrie was $339,353. This was a 5.5 per cent increase compared to the year-to-date average selling price in 2014.
The year-to-date average price figure for the surrounding areas was $406,866, an increase of 10.5 per cent from the year-to-date average selling price in 2014.
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 June 2015 was $227.2 million, rising 17.2 per cent from year-ago levels. This was the second best dollar volume of any month, a new record for June, and the first time dollar volumes had surpassed $200 million in the month of June.
June saw another increase in new supply. New residential listings edged up 1.5 per cent from June 2014 to 865 units in June 2015. This was a new June record.
Overall supply is currently trending at the lowest levels in more than a decade. Active residential listings on the Association’s MLS® System numbered 1,404 units at the end of June 2015, down 7.4 per cent from year-ago levels.
There were just 2.3 months of inventory at the end of June 2015 – a record low. 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 632 units in June, rising 11.7 per cent compared to June 2014. The total value of all properties sold in June 2015 was $232.8 million, up 18.8 per cent on a year-over-year basis.