Barrie and district home sales have set a new all time record in March 2017. Unbelievable and no wonder many home buyers are experiencing bidding wars with most homes selling significantly above the asking price. This proves most problematic for First Time Buyers who are the most vulnerable to issues of affordability and inexperience in dealing with the home buying experience.
According the Barrie and District Real Estate Association 705 residential units were sold in the month of March 2017 showing an increase of 27.5% year over year.
Year to date, there have been 1420 units sold in the first 3 months of the year up 26% from the same period in 2016, another record.
Within the confines of the City of Barrie sales increase by 21.3% on a year over year basis with 388 residential units selling in the month of March. The surrounding areas carried an increase in sales of 39.7% totalling 338 units sold.
Together in March 2017 more than 700 units sold for the first time in history. Rob Alexander who is the president of the Barrie and District Real Estate Association said that this is not surprising given the record level demand we have been experiencing. Provided there are enough listings, the next 3 months may show even higher levels of home sales in the region.
Year to date the average price was $547,847, up 36.9% from 2016. Within Barrie the average price was $520,624, an increase of 37.3%. The surrounding areas average price was $578,122, an increase of 34.3%.
Overall, the supply is currently trending to be at its lowest levels on record. Active residential listings are down 37.8% from a year ago.
There was also a record low of .8 months of inventory at the end of March 2017, down from 1.7 months a year earlier and the first month to ever dip below one month of inventory.
Sales of all property types in Barrie was 752 units in March, rising 31.2% compared to March 2016 with the total value of all homes sold up 88.3% on a year over year basis.
Are these crazy increases a result of the real estate crisis in Toronto? We shall see if the new measures introduced on April 20 by the Liberal government will have any affect on slowing down this crazy market.
With exerts from http://creastats.crea.ca/barr/