The Spring market, along with the Spring weather, was later arriving both nationally and in Barrie and district this year. In a release yesterday by the Canadian Real Estate Association (CREA), it was reported that nationally home sales are down 0.3% from last year; Home sales in Barrie are down as well, 8% from April last year. The good news is that sales are starting to pick up! Sales nationally rose 2.7% from March to April; in Barrie and area, sales are also on the rise from March into April, with 471 units sold (vs. 387 units in March), a 21% increase in sales from last month.
The slow start to the Spring market was felt all over Canada, and not just in Barrie, “Sales activity for the month of April and for year to date came in below the 10 year average in more than 60% of all housing markets,” said Gregory Klump, CREA’s Chief Economist.
The national average price for homes sold in April came in at $409,708, a 7.6% increase over last year. This price is skewed upward by the sales activity in Vancouver and Toronto. Comparatively, the average price for homes sold in the City of Barrie is up 7% at $316,813. For the surrounding areas the average price is up 9% at $362,613.
Though the pace of the market here in Barrie is rising in line with the market nationally, there is a large difference in the state of our market locally, “Housing trends can be very different between local markets and even within them depending on the neighbourhood and type of home. Your local REALTOR® is your best source of information about how the housing market is shaping up where you currently live or might like to live in the future.” Said CREA president, Beth Crosbie.
Nationally the market is balanced, where as we are still seeing a Seller’s market here in Barrie, with supply remaining below levels seen in most of the past decade, “Overall it was an average month of April for sales whether compared to the past 5 or 10 years, and with supply continuing to trend lower, it continues to be a seller’s market.” reported Jerry Hay, President of the Barrie and District Association of REALTORS®.
If you’ve been thinking about buying or selling this Spring and would like to know more about the market in your area, Contact Us – we’d love to help! Please pass this article on to family and friends who may find it useful, and as always please don’t hesitate to contact us with any questions about the Barrie real estate market.
Sincerely,
The Peggy Hill Team
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