Barrie Real Estate Sales activity running at more normal levels in November
Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. remained below year-ago levels in November 2010, although the decline was smaller than it had been in the previous two months.
Residential sales numbered 273 units in November 2010. This is down 17 per cent from the strong November a year earlier. Activity stood well above levels reported in November 2008, below the record set in 2007, and was on par with 2006 levels.
“The market continues to show signs of stabilizing at more normal and sustainable levels,” said Catherine Garbe, President of the Barrie and District Association of REALTORS®. “Activity is currently running about halfway between the record setting pace we saw late last year and earlier this year, and the recessionary low back in late 2008.”
The average price for homes sold via the Association’s MLS® System in the first 11 months of 2010 was $282,188, up seven per cent from the same period a year ago.
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 total dollar value of all home sales amounted to $74.3 million in November 2010, 14 per cent below year-ago levels.
Total sales activity in the Barrie region numbered 282 units in November, down 17 per cent on a year-over-year basis. The total value of all properties sold in November 2010 was $75.9 million, a decrease of 14 per cent from November 2009.
New listings were up five per cent from a year earlier to 454 units in November. New residential listings have edged down on a seasonally adjusted basis in the past three months. The number of active residential listings on theAssociation’s MLS® System was up nine per cent on a year-over-year basis, numbering 1,650 units at the end of November 2010.
The market continues to stabilize. There were 5.8 months of inventory at the end of November 2010 on a seasonally adjusted basis. The number of months of inventory has held more or less stable since May of this 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.
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.