May The Fourth Be With You

Posted by Tim Lintick on Wednesday, May 8th, 2019 at 1:36pm.

As we celebrate the international, yet unofficial Star Wars Day, the Barrie and Simcoe County real estate market is celebrating also. It seems we emerged from the mercurial month of April, which battered us with every type of adverse weather imaginable, including flooding in some parts of our region, with buyers and sellers enjoying a lovely, balanced market. Both the number of sales and the average price of properties sold were up compared to April of last year. In Barrie, the number of properties changing hands increased by nearly 22%, while in Simcoe County excluding Barrie the number of properties sold was nearly 25% more than the year before. And in Barrie the average sale price increased by a healthy 5.6% compared to the same month last year, while surrounding areas excluding Barrie increased by a whopping 9%. The City of Toronto, by comparison, saw an increase of 1.9% in average sale price. Prices in Barrie averaged $485,860 compared to last year; prices in surrounding Simcoe County excluding Barrie averaged $523,008; and prices in Toronto averaged $820,148. If nothing else, this shows that our region continues to be one of the best kept secrets in the province, with real estate prices still very much within reach of many people. The heftiest increases month over month were seen in Severn where the average sale price in April was $584,250, for an increase of more than 22%; Penetanguishene saw an average price of $450,167 for an increase of nearly 20%; and New Tecumseth saw an average price of $628,740, for an increase of more than 13%. The biggest decreases compared to the month before were seen in Tiny, where the average price of $542,500 deflated by 44%; Tay where the average price of $393,625 went down by more than 23%; and Oro-Medonte, where the average price of $556,650 dipped by nearly 24%. Taking a look at the type of properties that sold across all of Simcoe County including Barrie in April, the number of townhomes doubled at 100% compared to the year before; apartments and condos were second at a 43% increase, and the number of detached homes sold were up by 20.5%. Prices for all property types also increased. An interesting trend that perhaps shows that resilient and determined buyers aren't going to let a mortgage stress test and several interest rate hikes announced last year stop them from getting into the housing market. Overall, a very encouraging month of April as we hopefully say goodbye to those April showers and hello to those May flowers! For a more specific breakdown of the average price in your community, or for more information, please reach out to us here at The Way Home Team and we will help!

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