I want to keep you updated with the Barrie Real Estate Market. There have been many negative stories recently about how the market is “slipping” or that “prices are starting to fall”. I thought I would take a look at some facts about the numbers in the Barrie Real Estate area,  because it isn’t doom and gloom, the press likely won’t report this. After all, bad news sells newspapers and good news, well it’s nice to have ,however, it’s typically not headline grabbing.  After reviewing the latest sales figures for the Barrie Real Estate Board rumours that suggest the market is in a free fall are just simply not correct. Is it possible we are heading into a slower period, sure, but as for a collapse as the press would you have you believe, it’s very unlikely.

The (# Sales) numbers are definitely down from this time last year (which was ridiculously hot), with the exception of a few of the outlying rural areas, the numbers are still tilted slightly in favour of the sellers.

If we examine detached 2 story city of Barrie homes sold between the months of January 1st and August 31st 2009 we find that there were 818 sales. The comparable numbers for the same period in 2010 = 761 Barrie homes sales. That’s a drop of just 7% approx. When we examine the same time period looking at detached bungalows we find that there were 502 sales in 2009 and 517 sales in 2010, a slight increase, hardly a disaster.

So you might ask, what about the price? Maybe homes are being discounted to increase the sales numbers! So let’s compare 1st Jan 2009  to 31st Aug 2009 with the same period in 2010 for both 2 storey homes and bungalows. This is the average sales price for the city of Barrie homes.

2009  2 storey: List price $290,546, sales price $283,093: days on market = 49

2010 2 storey: List price $310,296, sales price $302,742: days on market = 42

And the same for Bungalows in the City of Barrie home market.

2009 Bungalows: List price $267,634, sales price $260,283: Days on Market = 53

2010 Bungalows: List price $281,299, sales price $274,771: Days on Market = 44

Forgive me if I am mis reading these numbers but when prices rise and the number of days on the market falls, typically this means we have a sellers market. Could this change? Absolutely, and if we examine the last few months of data we will find that the slow down has been more marked recently, hence, it’s likely that the rest of the year in the Barrie Real Estate market will be more ‘normal’. Could prices slip? They could, but they could also stay pretty steady. Interest rates have come down dramatically in the past few weeks and this will likely have a stabilizing effect on the market. Bottom line, don’t believe everything you read on the front page of the paper. Has the market slowed down? yes sure it has but it looks a long way from a collapse. Coming off a very nice warm Canadian summer where it seems everyone was more interested in their tan than the Barrie real estate market its not surprising that the market took a breather. I expect a cooler but stable market heading into the winter months.

If you would like to know exactly what is happening in your neighbourhood give me a call and I’ll be happy to discuss specifically your Barrie Home.

Sincerely, Ian Hocking 705 791 4837

Filed under: BarrieBarrie Real EstateDistrictEsssaInnisfilInvestment Real EstateOro MedonteSimcoe CountySpringwaterStatistics

Like this post? Subscribe to my RSS feed and get loads more!