Barrie and area September 2009 Real Estate Market Activity

media release from BDAR President, Wendy Elzner.

MLS® home sales activity reached the highest level ever for the month of September in the area served by the Barrie District Association of REALTORS® Inc. Improving demand and fewer new listings continue to draw down inventories.

According to statistics provided by the Association, MLS® home sales activity totalled 422 units in September 2009. This is a 20 per cent jump year-over-year, and represents the fourth consecutive increase from year-ago levels.

Sales activity was up seven per cent in September from the previous month, the largest increase over this period in six years. The larger than normal monthly increase resulted in a monthly increase of eight per cent in seasonally adjusted sales activity (seasonal adjustment removes normal seasonal fluctuations). Seasonally adjusted activity in September stood 79 per cent above the low in January.

“September was another strong month for sales,” said Wendy Elzner, President of the Barrie and District Association of REALTORS®. “Rebounding demand and fewer new listings continue to draw down inventories and firm up the market.”

The total dollar value of all MLS® home sales amounted to $113.8 million in September 2009, 24 per cent above year-ago levels. This is the largest increase in dollar volume almost two years.

Total MLS® sales activity in the Barrie region numbered 439 units in September, rising 22 per cent year-over-year. The total value of all MLS® properties sold in September 2009 was $117.6 million, 23 per cent above levels from September 2008.

The average price for homes sold via the Association’s MLS® system in September was $269,755, up 3.5 per cent from one year ago.

New residential listings numbered 658 units in September 2009, down 10 per cent year-over-year. This is the sixth consecutive month in which the number of new listings is down from year-ago levels.

The number of active residential listings on the Association’s MLS® system declined 18 per cent year-over-year to 1,830 units at the end of September 2009. This is the fourth double-digit decline in as many months, and the fifth consecutive month in which active listings have dropped from year-ago levels.

The number of months of inventory was 4.3 months in September. This is down from 4.7 months in August, and well below levels posted earlier this year. 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