September Barrie market update
Understanding the real estate market is important for any transaction, whether you’re buying or selling. Therefore, I wanted to provide my clients and readers with a quick update on the past couple of months, and what we can expect to see as move into the fall and winter months of the year. We’re back with a September Barrie Market update for 2019.
As the dog days of summer come to an end, and we slowly make our way to the final quarter of 2019, the Barrie housing market continues to show signs of growth compared to the same time last year. Signals point towards this trend continuing, even with the country facing signs of economic uncertainty. With the BoC holding rates level as of September 4th, we can continue to expect steady climbs in overall sales volume and average home sale price moving forward.
According to Barrie MLS® stats, July was a fairly steady month in terms of both sales volume and average sales price. Residential property sales totaled 475 units for the month, a 17.3 per cent increase from the same month during 2018. This represents a substantial increase in just a year’s time. Looking at the numbers from a year-to-date basis, 2,876 sales have been recorded since the beginning of 2019. This represents a 13 per cent increase from the same time last year.
The MLS Home Price Index (HPI) is a useful tool in accurately measuring the true value of average home sales, factoring in many different market conditions. The HPI composite benchmark price for Barrie, $474,400 in July, is a 1.3 per cent decrease from July in 2018.
Taking a more simplified approach, we can see how volatile the market has been since September 2018, up until August 2019. The average sale prices have ranged from $461,658 to $530,790, a $69 thousand dollar swing. The ultimate increase in price over the year suggests that the market is showing strength and that consumer demand is there for buying.
Predictions moving forward
Barring a substantial collapse of the economy in the near future, the market should continue to see signs of growth as the weather gets colder. With many investors uncertain about the overall economic performance of Canada, it is important to consider the potential of future market volatility. All we can do is pay attention to the signs and react accordingly.
Want to talk in greater detail about the current Barrie housing market? Give me a call at (705) 333-4338 or get in touch with me here!