After record sales prices in early 2017 the housing market in the Barrie area has cooled down this summer.
“We’re seeing a return to a more normal real estate market,” says President of the Barrie and District Association of Realtors, Rob Alexander.
The latest numbers from the Barrie and District Association of Realtors show the average price of a single detached home is $543,000. That is up 18 percent from this time last summer, but it’s significantly less than the spring, when the average home was selling for more than $600,000
“We had very little supply, but now in June and July we’ve had a lot more inventory come out on the market,” says Alexander. “Things have settled. People are able to have selection.”
The current market is in stark contrast to February and March, when a frenzy of buyers and bidding wars were normal. Buyers now have more power and realtors are telling sellers to expect their homes to be on the market longer.
“The last month or so it’s been really quiet,” says Century 21 Sales Representative Colin Behan. “Buyers have taken a step back.”
July housing sales in the Barrie area are down 42 percent from to July 2016. Behan says the new rules aimed at slowing down the market, such as a foreign buyers tax, coupled with people being on summer vacation has many potential buyers waiting on the sidelines.
“You’re seeing a broader range of prices, where buyers have so much to choose from they can take their time. They’re not rushed, and buy the best bang for their buck,” says Behan.
However, the condo market is showing stronger signs because of its affordability. The average price of a condo will cost you more than $378,000, which is a 37 percent increase from last year.
Inventory has also contributed to falling prices in communities like Oro-Medonte and Springwater. Realtors who spoke with CTV News say they are optimistic the market will continue to stabilize and that business will pick up in the fall when more buyers traditionally enter the market.
