Home prices in the Barrie area continued to decline steadily in the second month of 2023, the Barrie and District Association of Realtors reports.
In February, the association said the average number of homes and the price of homes were both on the decline compared with the same time last year.
The association also reports the average price for homes sold in Barrie was down 23.4 per cent in February 2023, compared with the same month in 2022, for an average price of $730,343.
“Sales activity and new listings are still coming in below typical levels for this time of year, and it may be the case that the latter is leading the former. In other words, you can’t buy or sell what isn’t there,” said the association president Luc Woolsey.
The number of homes sold through the MLS System of the Barrie and District Association of Realtors in February was down 45.5 per cent from the same month in 2022, with only 261 units sold.
“Sellers are not yet motivated to return to the market in pre-pandemic numbers. However, looking at the MLS HPI benchmark price, it seems that declines have bottomed out, and prices have been running flat, with a small uptick in February,” Woosley said.
Home sales were 33.9 per cent below the five-year average and 28.4 per cent below the 10-year average for February, the association’s numbers showed.
The association reports that the benchmark price for single-family homes was $827,600, a sharp decrease of 21.8 per cent on a year-over-year basis in February.
The report also shows the benchmark price for townhouse/row units was $586,900, down by 19.9 per cent, and the benchmark apartment price was $512,200, down 18 per cent from the previous year.
“There’s a healthy amount of inventory on the market, but it appears to be at the beginning of a decline. Once we get through the better part of the spring market, all of these trends will become clearer,” Woosley said.
Comments