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The Reality Of Real Estate
With Zach Bayley-Hay
Take a look at our Reality Of Real Estate video and gain insights about this very peculiar market.
Feel free to follow along with the data for detached sales in Barrie below.
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Orillia
In October the average detached home was listed for $683,000, staying on the market for an average of 51 days, and selling for $657,000.
In November & December we saw the average asking price being set at $607,000, being on the market for 52 days and selling for an average of $585,000
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Oro-Medonte
In October the average detached home was listed for $1,089,000, on the market for 62 days and sold for $1,050,000.
In November & December the average detached home had an asking price of $977,000, being on the market for 83 days and selling for $933,000!
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In October the average detached home was listed for $996,000, while being on the market for 74 days and selling for $949,000. In November & December, the asking price for an average detached home was $1,113,000, being on the market for 48 days and selling for $1,050,000. So that is actually a 26 day decrease in days on market and $100,000 increase in sale price!
Springwater
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Barrie
In October the average detached home was listed for $828,000, while staying on the market for 41 days and having a sale price of $801,000.
In November & December the average detached home in Barrie had an asking price of $806,000, being on the market for 51 days and selling for $778,000.
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In October the average detached home was listed for $962,000, being on the market for 54 days and selling for $915,000. In November & December we see one of the bigger drop offs among all the areas. The asking price has fallen to $833,000, with a sale price of $799,000. Interestingly enough the days on market have actually dropped to 33 days.
Innisfil
Now that we have reviewed all of the areas, what does this mean to you?
The main takeaway is clearly the consistent drop off in price across the board (outside of Springwater!) and homes are typically taking longer to sell.
The interest rate hikes from the Bank of Canada have impacted the market quite a bit over the last year and it’s important to keep an eye out on what course of action they plan to take throughout 2023.
If they decide to raise rates further and you are thinking of selling, please give us a call because we have a strategy that will maximize your dollars before those rates hit the buyers' affordability.
Buying A Home?
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This detailed home search tool helps people look for the perfect home and location. You can search by style, price range, area, and by map; not to mention see the prices homes sold at. It's likely the most intelligent way to look for a home.
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If You Know Someone Who Wants To Buy Or Sell A Home
Introduce Them To Our One-Stop-Shop Platform Below
