On The Up And Up

Posted by Tim Lintick on Wednesday, June 19th, 2019 at 1:45pm.

June 2019 Market Review

The month of May may have been bleak and cold, but the real estate market was starting to sizzle! In Simcoe County, more than 500 properties were sold in May, an increase of more than 26% over the same time last year. And average prices were up too – $518,891 – nearly 4% higher than 2018. This is especially encouraging as buyers are still struggling with the mortgage stress test that was introduced last year. The Bank of Canada may be helping buyers slightly this year however, as they held interest rates steady for the second time in a row in their most recent announcement. In the City of Barrie alone, the number of properties sold increased by nearly 30% compared to last year, and the average price too was up by nearly 3% to $493,083. In Simcoe County, excluding Barrie, prices increased by more than 9% to $541,820, and the number of properties increased also, by nearly 25%. It is interesting to note that sales outside of Barrie made up more than half of all sales in Simcoe County. Month over month, the number of properties that sold within the City of Barrie jumped by nearly 10% over April, with prices up by 1.5% to an average $493,083. And while prices were up in Simcoe County (excluding Barrie) by 3.6% over April, the number of properties sold was down slightly by 3.3%. The communities with the great leap in price in May from April included Oro-Medonte (+50%), Tiny (+24%), and Collingwood (+23%). Some areas saw a decline however, with average prices in Wasaga Beach dropping by nearly 15%, Adjala-Tosorontio (-7%), and Tay (-7%). The market continues to appear balanced as we head into the yearly halfway point this June. That means there are plenty of listings for buyers for choose from. And although we are seeing some multiple offers and bidding wars on select properties, with some preferred properties selling for slightly over asking, we are not seeing the frenzied scenarios of early 2017, when there were few listings for sale and impatient buyers eager to snap them up. Sellers who are still living with that mentality are finding out pretty quickly that buyers are an extremely educated bunch, and are well aware when they are being taken advantage of. Prices are still for the most part at fair market value, with the majority of sales selling just under the asking price, which is as it should be. So, here's to a happy, healthy June for both buyers and sellers!

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