Residential property sales recorded through the MLS® System of theBarrie & District Association of REALTORS® Inc. came in a little softer in May 2011 compared to April, but nevertheless recorded a year-over-year gain due to falling sales in May last year.
Home sales numbered 449 units for the month of May, up two percent from the same month in 2010. While this is an improvement from the double digit declines seen in the last few months, it was entirely a story of falling sales in May last year. Within the City of Barrie, home sales numbered 271 units in May, also up two per cent from year-ago levels. “We’re really looking at a much more stable market this year than we had last year,” said Catherine Garbe, President of the Barrie and District Association of REALTORS®. “That can be difficult to see at times because last year’s extreme volatility continues to show up in year-over-year comparisons. We saw it earlier this year when sales posted declines from last year’s record levels, and we’re likely to see it showing up as year-over-year gains in the months ahead as we get one year away from last year’s weak summer.” The year-to-date average price for all homes sold via the Association’s MLS® System in the first five months of 2011 was $282,448, edging up one per cent from the same period last year. The year-to-date average price figure for homes sold within the City of Barrie was $266,611, edging up just one tenth of one per cent on a year-over-year basis. 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 $128.2 million in May 2011, an increase of three per cent from year-ago levels. New residential listings declined by five per cent from a year earlier to 815 units in May. The number of active residential listings on the Association’s MLS® System was down two per cent on a year-over-year basis to 2,069 units at the end of May 2011. There were 5.6 months of inventory at the end of May 2011 on a seasonally adjusted basis. This was an increase from five months in April, but remains firmly in balanced market territory. 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. Total sales activity in the Barrie region numbered 460 units in May, up two per cent compared to May 2010. The total value of all properties sold in May 2011 was $130.7 million, also up two per cent from May 2010. 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.