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by Matthew Klonowski
24May
2018

A look at April 2018 Real Estate Market

April 2018 sales information is in, and while sales are still less than in April 2017, the decline is not as severe as it was during March.

Through the month of April, residential property sales recorded through the MatrixTM System in the Barrie & District Association of REALTORS® Inc. (BDAR) region were 404 units. This is down 33.1% from year ago. The average price of homes sold during this time was $475,237—down 15.5% from April 2017. Simcoe County figures mirror that of Toronto’s, which had a 32.1% decrease in sales and a 12.4% decline in average sale price in April 2018.

In the City of Barrie, sales came in at 183 units. This is a 42.5% decline from last April and is a larger decline than that of the whole Simcoe County (-33.1%). The average price of homes sold in the City of Barrie during April was $461,998 and is down 15.2% from the average price from year ago. This average price decrease is in line with that of the total Simcoe County (-15.5%).

In the other parts of Simcoe County (Simcoe excl. Barrie), sales numbered 221 unit for the month of April 2018. This figure is down 22.7% from the same time last year and is less than the sales unit decline coming from total Simcoe County (-33.1%). The average price for a home in the Simcoe County excluding Barrie was $486,119 for the month of April, which is 16.6% less than the average price of homes in April 2017. This decline in sales price is slightly more than that of the whole Simcoe region (-15.5%).

“Home sales in the region are stabilizing from the year prior and beginning to reflect the impact of the tougher mortgage qualification criteria that came into effect in January,” says Geoff Halford, 2018 BDAR President. “At this point, it’s likely sales will present differences from last year, though the market still demonstrates long-term growth—just at a slower rate.”

The number of homes sold in the City of Barrie constituted 45.3% of homes sold in the Simcoe County region, and the remaining Simcoe County constituted the remaining 54.7% of sales. During April 2017, the City of Barrie made up the majority of home sales with 52.6% of sales, while the remaining Simcoe County made up 47.3% of sales.

Year-to-date vs Same Time Year Ago
On a year-to-date basis (January 1, 2018 – April 30, 2018), residential home sales amounted to 1243 units, which is a 39.6% decline from the same time in 2017. In the first four months of 2018, the average price for sold residential units was $498,459. This figure is 10.1% less than the average price for sold units in the first four months of 2017.

Within the City of Barrie, residential sales figures declined by 44.2% from 2017 and came in at 610 units between January 1, 2018 to April 30, 2018. This decline in sales is more than total Simcoe County (-39.6%). The average price of homes in the City of Barrie at this time was $477,717 and is 9.6% less than the average price of homes during the same time last year. The decline in average price is about the same as the total Simcoe region (-10.1%).

In the remaining areas of Simcoe County, sales figures came in at 633 units sold, a decline of 34.3%. The decline is less than that of total Simcoe County (-39.6%). The average price of sold homes during this time for Simcoe County excluding Barrie was $518,447. This average price is 11.3% less than that of the same time last year, and the decline in price is approximately the same as that of the whole Simcoe County (-10.1%).

In the first four months of 2018, the City of Barrie made up 45.2% of residential units sold in Simcoe County and the remaining Simcoe County made up 54.7% of sales. In the first four months of 2017, the City of Barrie constituted the majority of residential sales in Simcoe County with 52.6% of sales, and the remaining areas constituted 47.4% of sales.

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