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The Dave Walker Team Market Update – February Stats

Barrie and District home sales smash February record

Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 458 units in February 2017, an increase of 30.9% from February 2016.

On a year-to-date basis home sales totaled 715 units over the first two months of the year, rising 24.6% from the same period in 2016.

Within the City of Barrie, sales activity increased by 12.7% on a year-over-year basis. The City of Barrie saw 257 residential sales in February. A year-over-year increase of 35.8% was recorded in surrounding areas, where sales activity totalled 201 units.

“The local housing market is currently facing a supply shortage, although at this point there are still enough listings out there for sales to set records like they did in February,” said Rob Alexander, President of the Barrie & District Association of REALTORS®. “With the market the tightest it has ever been, prices have been rising rapidly so far this year.”

The year-to-date average price for all homes sold via the association’s MLS® System was $511,214, up 30.1% from 2016.

The year-to-date average price figure for homes sold within the City of Barrie was $494,968. This was an increase of 32.9% compared to the average selling price in 2016.

The year-to-date average price figure for the surrounding areas in 2017 was $524,901, an increase of 24.2% from the average selling price in 2016.

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 dollar value of all home sales in February 2017 was $242.6 million, rising 68.9% from year-ago levels.

New residential listings fell 4% from February 2016 to 550 units in February 2017.

Overall supply is currently trending at the lowest levels on record. Active residential listings on the association’s MLS® System numbered 491 units at the end of February 2017, down 39% from year-ago levels. This was the third consecutive month with fewer than 500 active listings.

There were just 1.1 months of inventory at the end of February 2017, down from 2.3 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.

Sales of all property types in the Barrie region numbered 493 units in February, rising 32.2% compared to February 2016. The total value of all properties sold in February 2017 was $252.5 million, up 62.5% on a year-over-year basis.

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3 Myths of Home Buying – Busted

Let’s face it — today’s real estate market in Central Ontario isn’t cooling off despite the dropping temperatures outside.

But in today’s record-setting market there are some myths about the home buying experience that must be addressed.


Here are three big myths about home buying that we want to bust :

Myth #1: “That house has been on the market so long I bet we can work the seller down easily.”

Not necessarily. Exceptionally high days on market could mean almost anything. The seller could be bullheaded about their price. The seller may not be particularly motivated to sell for emotional or other personal reasons. Donʼt forget: A sales-weary seller isnʼt likely to respond to your host of rational reasons why their

house should be a bargain.

Myth #2: “I want to look at power of sale homes because theyʼre a real bargain and the banks need to unload them.”

Banks, like entrenched sellers, donʼt always make decisions which seem rational based on obvious information. You can have a hard time devising the reason a bank chooses to reject an offer for a foreclosed or distressed property, and their decision may be based on financials which seem counterintuitive. The truth is, many distressed sales can be longer and more fraught than regular sales.

Myth #3: “I liked this house a lot, but want to take some time to think about it, I will be there if I decide to buy it.”

Itʼs very, very painful to see a client love a home but fail to make a move in today’s fast paced market to purchase that home. If you fell in love with it, why wouldnʼt someone else? The bonus myth in this one? Your “perfect” home is probably going to be a home with some small compromises. If you donʼt make an offer on a home, youʼre effectively saying, “Iʼm comfortable losing this home.”

Dave and his team want to make the home buying process as painless and stress-free for you as possible. Our job as your agent is to represent your interests. When you choose to work with the our team, you’ll quickly learn we keep your needs first and work diligently to protect you each step along the way.

If youʼre pursuing a home purchase in the near future, we want to hear from you. There are many other ways we can lower your stress and help you find a great home – Call Dave at 705-309-9014 to get him and his team working for you today!

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Carpe Diem! Misconceptions of the wait

This is the time of year when sellers want to “wait until Spring”

A fall/winter market still has plenty of serious buyers.
With fewer homes on the market, the competition is less and you can price your home accordingly.

Buyers in this market are more serious as they are not swept away by the flurry of activity spring can bring. They are looking for a home to call their own, not just the cheapest thing available.

Come spring, listings have to compete more and buyers are looking from one listing to the next in rapid succession

The statistics show that in the Barrie area, most selling prices have not only matched those of last year, but increased by 22% or more!

If there is any doubt that the stats on price mean anything, the amount of sales in Barrie still remains strong. Last month, the Barrie & District Board of REALTORS® reported that 235 sales were made! And listings spent an average of only 16 days on the market and sold for an average of 100.4% of the listing price.

These stats are strong and remain so as we head into our next season.
Don’t let the misconceptions fool you, now is a great time for Real Estate!

We can help you get the ball rolling…Carpe Diem!

Contact Dave at The Walker Team today


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