Simcoe County Home Sales smash previous October record!
October 2016 Results in Barrie & District
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 481 units in October 2016, an increase of 20.2 per cent from October 2015. This was the highest October on record by a wide margin.
Within the City of Barrie, sales activity rose 17.6 per cent on a year-over-year basis. The City of Barrie saw 274 residential sales in October. A year-over-year increase of 22 per cent was recorded in surrounding areas, where sales activity totalled 228 units.
For the district as a whole, year-to-date sales totalled 5,372 units over the first ten months of 2016. This is up 15.6 per cent from the same period in 2015.
“2016 will be a record year for home sales in the Barrie Region,” said Mike Douglas, President of the Barrie & District Association of REALTORS®. “As a result, overall supply is at record lows. We are still seeing enough new listings each month to keep sales from falling, but this is a supply shortage. That is why the average price is up 17 per cent from last year. Some areas and segments of the market are better supplied than others. Talk to your local REALTOR® to find out what effects this market may have on your real estate needs.”
The year-to-date average price for all homes sold via the Association’s MLS® System was $432,280, up 16.7 per cent from October 2015.
The year-to-date average price figure for homes sold within the City of Barrie was $409,015. This was an increase of 18.3 per cent compared to the average selling price in the first ten months of 2015.
The year-to-date average price figure for the surrounding areas in 2016 was $464,321, an increase of 13.6 per cent from the average selling price in the first nine months of 2015.
New residential listings rose 11.2 per cent from October 2015 to 646 units in October 2016.
Overall supply is currently trending near the lowest levels on record. Active residential listings on the Association’s MLS® System numbered 795 units at the end of October 2016, down 24.6 per cent from year-ago levels.
There were just 1.7 months of inventory at the end of October 2016, down from 2.6 months a year earlier. 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 520 units in October, up 25.3 per cent compared to October 2015. The total value of all properties sold in October 2016 was $238.4 million, up 45.5 per cent on a year-over-year basis.
October 2016 Results in Southern Georgian Bay
Home sales numbered 330 units in October 2016, up 4.4 per cent from a year earlier. This was a record for the month of October.
The Southern Georgian Bay Association of REALTORS® comprises two distinctive markets. Home sales in the Western Region, which includes Wasaga Beach, Springwater, Clearview Township, Collingwood, The Blue Mountains, Municipality of Meaford and Grey Highlands was down 5.5 per cent on a year-over-year basis to 205 units in October 2016.
Meanwhile, home sales in the Eastern Region, encompassing the Towns of Midland and Penetanguishene, and the Townships of Georgian Bay, Severn, Oro-Medonte, Tay and Tiny, totaled 125 units in October. This was a new October record, up 26.3 per cent from one year earlier.
On a year-to-date basis home sales totalled 3,363 units over the first 10 months of the year, rising 21.6 per cent from the same period in 2015. This is currently on course to set a new annual record.
Year-to-date sales in the Western Region were up 14.6 per cent from 2015. Activity over the first 10 months of 2016 recorded a gain of 35.7 per cent year-over-year in the Eastern Region.
“Sales remain very strong, although they have moderated since August as declining supply, particularly new supply in the Western District, is simply placing a limit on how many transactions are possible every month,” said Kevin Woolham, President of the Southern Georgian Bay Association of REALTORS®. “That said, with just two months left to go this year we can say with certainty that 2016 will be an all-time record year for sales in both the Eastern and Western regions covered by the Southern Georgian Bay Association of REALTORS®.”
The average price of all homes sold in October was $336,252, up 4.9 per cent from October 2015. On a year-to-date basis the average price of home sales in the first 10 months of 2016 was $338,006, rising 5.5 per cent.
The average price of homes sold in the Western Region was $368,782 in October. This was an increase of 10.9 per cent from a year earlier. On a year-to-date basis the average price of home sales in the first 10 months of 2016 was $366,501, rising nine per cent.
The average price for Eastern Region home sales was $282,903 in October 2016. This was down 3.8 per cent from October 2015. The less volatile year-to-date average price was $291,089, edging up 0.5 per cent from 2015.
The number of new residential listings in October 2016 was 324 units, down 8.7 per cent from a year earlier to the lowest October in 15 years. The recent downturn in new supply stems from the Western District.
This article brought to you by the Canadian Real Estate Association. http://creastats.crea.ca/
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 Southern Georgian Bay Association of REALTORS® represents an estimated 500 REALTORS® registered with its member offices. The geographical area served by the Association includes the Towns of Midland and Penetanguishene, the Townships of Georgian Bay, Severn, Oro-Medonte, Tay, Tiny and Springwater, Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Municipality of Meaford and Grey Highlands.
REALTOR® is a trademark that identifies real estate professionals who are members of The Canadian Real Estate Association (CREA) and, as such, subscribe to a high standard of professional service and to a strict Code of Ethics.