Barrie Real Estate Review: April 2020 (Video)

Barrie Market Update |

[Video Below] It’s time for the Barrie Monthly Market Review! In this episode we compare the entire month of April 2020 vs March 2020, and also vs April 2019. There is a lot to talk about these days.

👇Here’s a quick overview of the Barrie Market but in the video below, Mike also provides the stats for Simcoe County as a whole. He also gives a summary of what 2020 looks like year-do-date vs the same time last year. “The Big Picture”.

🏢Condos:

▪️ 76 total listings in April compared to 72 in March, but way down from 111 in April of 2019
▪️ New listings are way down at 30 vs 58 in March this year, and 70 in April 2019
▪️ Just 14 units sold firm in April vs 39 in March and 50 in April of last year
▪️ Months of Inventory (how long it would take to sell the current inventory, on average): 5 MoI for April vs 2 in March vs 3 in April of 2019
▪️ Average sale price of a condo in Barrie is $426,000. That is up a fair bit compared to March ($376,685) and $383,298 in April of last year.
🔴Remember this is only based on 14 sales this year.
▪ Days on Market (DoM, approximately how long it takes to sell a condo) is up to 36 vs 25 in March. It is however, down from April last year at 46 days.

➡️List to sale ratio is 97.6% (what properties are selling for vs their list price)

🏡Residential:

▪️ 298 total listings in April compared to 272 from March, down significantly from 496 in April of 2019
▪️ New listings are way down with 191 in April vs 346 in March this year and 350 in April of 2019
▪️ Just 83 units sold firm in April vs 210 in March and 175 in April of last year
▪️ Months of Inventory is 4 months
❗️This is a balanced market, bordering on a seller’s market
▪️ Average sale price of a residential home in Barrie was $548,128. That is down slightly compared to March ($569,328) and up vs $534,493 in April of last year
▪ Days on Market is up to 25 vs 17 in March. It is however about the same as last April, which was 26 days.

➡️List to sale ratio is about 98%

What’s it all mean?

📉How is the first 4 months looking vs last year? In the first 4 months of 2020 listings were 1,245, down from 1,730 in 2019 year to date. Sales were 704 vs 633. Months of inventory is down from 2.75 in the first part last year vs 2 so far in 2020. Average sale price has seen an 8.75% increase over last year.

❗The big picture: Real estate is a long term investment. While we’ve had some rough weeks due to COVID19 and all of the implications that come with that, overall we are in a decent position year over year to date. Prices are up and sales are up over last year’s first 4 months.

👉Where is the market headed? We’ll stay close to the data and commit to keeping you informed. What we do know is that people still have a need to buy and sell homes. Showings and sales are continuing to increase.

The weather is improving and we’re seeing more people out as they become comfortable with new safety protocols. Interest rates are at an all-time low.

Please comment below, direct message, text or call if you have any questions at all. We are happy to discuss your specific scenario and how to use this information to make an informed decision about your own property.You can reach Mike at (705)790-0117.

In the meantime, stay safe & stay healthy.

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