Residential property sales recorded through the MLS® System of the Barrie & District Association ofREALTORS® Inc. remained below year-ago levels in August 2010, but were up compared to the previous month. Meanwhile, new listings continue to ease in response to softer demand, which is helping to keep the market in balance. 

Residential sales numbered 330 units in August 2010, down 16 per cent from a year earlier. The decline was just half the size of the drop in July. This was reflected in the seasonally adjusted figure, which rose nine per cent compared to levels reported in the previous month. 

New listings were down three per cent from a year earlier to 588 units in August. New listings have been trending lower in recent months, as supply adjusts to softer demand. 

The number of active residential listings on the Association's MLS® System was unchanged on a year-over-year basis, numbering 1,844 units at the end of August 2010. This is well below levels recorded at the same time in 2008.

"The steep downward trend in sales we saw over the spring and summer was the result of accelerated home purchases late last year and earlier this year," said Catherine Garbe, President of the Barrie and District Association of REALTORS®. "The temporary factors responsible for this volatility are now largely in the rear-view mirror, and the uptick in sales last month is a positive sign that demand is coming back into line with economic fundamentals, which are expected to remain supportive for housing demand,"

The average price of homes sold via the Association's MLS® System in the first eight months of 2010 was $280,391, up seven per cent from the same period 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 total dollar value of all home sales amounted to $97.3 million in August 2010, six per cent below year-ago levels.

Total sales activity in the Barrie region numbered 337 units in August, down 16 per cent on a year-over-year basis. The total value of all properties sold in August 2010 was $99 million, a decrease of seven per cent from August 2009.

There were 5.6 months of inventory at the end of August 2010. This is up from 4.7 months one year earlier, but down from 6.3 months in July 2010. 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.