Blog Entries
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Overall, it was a pretty simular month to May with the average selling price, days on the market, list to sale ratio and sold units staying consistent with previous months numbers.
What I would like to do is take a closer look at the first half of 2009 in relation to 2008 to give us a gauge on how we compare. If you remember, we had a great start to 2008 but suffered through the back 6 months which was the main reason for the negative numbers. I do anticipate a slow down come the end of July as this is a typical trend through the year but the interesting stat will be the sold units and whether they can continue to be strong to work through the inventory on the market to keep it fresh and keep the motivated sellers from dropping too far.
City of BARRIE
New listings to the market for the first 6 months was 2583 compared to 2009 at 2252 or 12.8% less. This helps in keeping the pressure off the existing inventory and helps our Sellers market overall. Expired/cancelled listings also were up however to 875 for 2009 in comparison to 620 for the same 6 months in 2008 or 41.12%. Solds were down 9.41% from 2008 to 1280 units but the average sale price remained stable at $258,036 which is just .9% down from the same 6 months and sits only .51% down when comparing the entire year of 2008. Average days on the market is however up 10 full days when comparing the first 6 months of each year. Overall, the Barrie market is in a simular position as last year at this time when speaking about average sale price. It is taking a bit longer to sell homes with fewer listings to compete against so the importance of taking advantage of every showing opportunity is imperative. Barrie sits in a low Sellers market current and on the brink of shifting to a Balance market although they have seen the last three months of a Sellers market.
Township of ESSA
This is a bright spot in our local market with an average sale price of $251,645 for the first 6 months of 2009 which is up 4.3% over the same 6 months of 2008. New listings are down 11.01% over the same 6 months and solds are down 8.67% but are in relation to the current market. The glaring stat for Essa is the days on the market which is up 32 days on average for 2009 to 76 days which in relation to the first half of 2008 was 44 days which is very close to double the amount of time. Essa has seen a strong Sellers market for the last two months and sits in a high Balanced market.
Town of INNISFIL
Innisfil bounced back in June after its struggles in the earlier months. Innisfil saw 526 new listings to the market for the first 6 months of 2009 in relation to 545 for 2008 which is a modest 3.49% decrease. Expired listings were well up with a 44.85% increase to 239 for the first six months. Solds were down 11.2% to 206 units and the average sale price is down 6.56% for the first 6 months of 2009 in comparison to 2008. Days on the market currently sits at 68 days which is 16 days longer than the same time last year. Innisfil is seeing the most difficulty of our areas mainly because the surplus of new home building in the area effecting the resale market. Listings are challenging enough in our current market without the added pressure of the competition of large new home sites in the same area which Innisfil is experiencing. Innisfil continues to sit in a Buyers market position although climbing to a Balanced market.
Township of SPRINGWATER
With the high end market in Springwater, they tend to have a few more challenges to deal with but have held on nicely. Again, new listings to the market are down 18% over the 2008 first six months which helps a market such as this. However, solds are down 16.4% to 112 and expired listings are up 52% to 145 but the average sale price has held its own at $359,499 for 2009 which is up 2.5% over the same 6 months of 2009. Springwater continues in a Buyers market position but is also climbing into a Balance market position.
Township of ORO
Oro has seen a simular level of new listings to the market for the first 6 months of 2009 with expireds up 22.5% and solds down 18%. The average sale price is up 3.4% to $380,576 for 2009 which is a bright spot for Oro. Days on the market is up 14 days over the same time in 2008. Oro remains deep in a Buyers market which is a concern and due to the high end properties and location of most of their communities from commutting and Barrie.
OVERALL
In general, our market is seeing few listings come to the market which is helping our average sale price stay stable and allow most markets to be in a Balanced position. Solds are down over the previous year but with lower inventory levels it also helps the average sale price. Days on the market goes hand in hand with the solds being down as inventory takes longer to sell but the average sale price has not been effected all that much. Overall, a strong Balanced market is a comfortable position to be in and helps everyone involved. Be prepared for a slow down in the second half of 2009 though which goes with trends for this time of year. |
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