Sales Activity Stable In October

Sales Activity Stable In October

Sales Activity Stable In October

Residential property sales recorded through the MLS System of the Barrie & District Association of REALTORS Inc. remained well below last year's record levels in October 2010, but edged up one per cent on a seasonally adjusted month-over-month basis. This follows consecutive gains of 10 per cent in August and September. Residential sales numbered 277 units in October 2010, down 29 per cent from the record month of October last year. On a seasonally adjusted basis, home sales were up for the third consecutive month. The one per cent month-over-month gain in October builds on increases of 10 per cent in both August and September. "Demand is showing further signs of stabilizing at more sustainable levels, but year-over-year comparisons continue to be stretched by the record level activity we saw last fall," said Catherine Garbe, President of the Barrie and District Association of REALTORS. "It's a more relaxed marketplace compared to the beginning of the year, and buyers are in less of a hurry to make decisions, so sellers should consult their REALTOR on how to best price and present their home to attract purchase offers." The average price for homes sold via the Association's MLS System in the first 10 months of 2010 was $282,933, up seven per cent from the same period last year. The Barrie & District Association of REALTORS cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials, between geographical areas. The total dollar value of all home sales amounted to $75 million in October 2010, 28 per cent below year-ago levels. Total sales activity in the Barrie region numbered 285 units in October, down 29 per cent on a year-over-year basis. The total value of all properties sold in October 2010 was $76.8 million, a decrease of 28 per cent from October 2009. New listings were down four per cent from a year earlier to 580 units in October. New residential listings have declined in three of the past four months. The number of active residential listings on the Association's MLS System was up 13 per cent on a year-over-year basis, numbering 1,792 units at the end of October 2010. The market continues to become more balanced. There were 6.5 months of inventory at the end of October 2010. This is up from 4.1 months a year earlier. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. The Barrie and District Association of REALTORS Inc. covers a geographical area that includes the City of Barrie and part or all of the surrounding townships, including Springwater, Oro-Medonte, Innisfil, Essa, Bradford-West Gwillimbury and Clearview. The Association provides continuing education, Multiple Listing Service (MLS), statistical information, and many other services to its members.

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