Home Sales Prices
Continue To Climb
Below is an overview of how the month of February wrapped up in the local real estate market. The report represents freehold, residential homes with numbers compiled from the Barrie & District Association of Realtors for the City of Barrie and The Lakelands Association of Realtors for Orillia and the Lake Country area.
If you would like information specific to condos, waterfront or commercial real estate contact me and I would happy to answer your questions.
February 2020/2021 Overview
|
Barrie |
2020 |
|
2021 |
|
Change |
|
Selling Price (Median) |
$549,000 |
|
$740,000 |
|
35% |
|
Average Days To Sell |
21 |
|
6 |
|
-71% |
|
# Active Listings |
202 |
|
136 |
|
-33% |
|
# Homes Sold |
177 |
|
270 |
|
53% |
|
Months of Inventory |
1 |
|
1 |
|
0% |
|
Orillia |
2020 |
|
2021 |
|
Change |
|
Selling Price (Median) |
$399,900 |
|
$610,000 |
|
53% |
|
Average Days To Sell |
29 |
|
9 |
|
-69% |
|
# Active Listings |
41 |
|
7 |
|
-83% |
|
# Homes Sold |
23 |
|
18 |
|
-22% |
|
Months of Inventory |
2 |
|
1 |
|
-50% |
(Lake Country includes Orillia, Oro-Medonte, Severn and Ramara through The Lakelands Association of Realtors)
|
Lake Country Region |
2020 |
|
2021 |
|
Change |
|
Selling Price (Median) |
$427,500 |
|
$660,000 |
|
54% |
|
Average Days To Sell |
33 |
|
13 |
|
-61% |
|
# Active Listings |
98 |
|
24 |
|
-76% |
|
# Homes Sold |
34 |
|
40 |
|
18% |
|
Months of Inventory |
3 |
|
1 |
|
-67% |
Market Inventory
Market inventory is a reflection of how many homes sell in a month compared to how many homes are currently listed in the market. This determines if it is a balanced market, seller market or buyer market.
Buyer Market
6+ months (180+ days) of inventory.
Balanced Market
4 to 6 months of inventory.
Seller Market
Under 4 months of inventory.
At the close of last month, all local areas noted above in the February Market Review were in a seller market category with only 1 month of inventory.
Cottage Rentals For 2021
Almost everyone I come in contact with (mask in place) has the same thought. We are all tired of being kept from doing the many things that we love to do because of Covid-19 lockdowns.
Since vacations within Ontario don’t require 14 days of self-isolation, more and more individuals are looking at heading to the family cottage or renting a cottage for a weekend away. Currently, the demand for short-term rentals has skyrocketed.
Taylor Pipe with Canadian Real Estate Magazine has a great overview of what I would call Covid-19 Cottaging in Ontario. Everything from – Is Renting a Cottage Safe? – COVID-Friendly Cottage Rentals – Booking Short-Term Rentals – Cottage Rental Investments and more can be found HERE.
3 Home Investments
You Shouldn’t Compromise On
Budgeting is an important life skill, but as a homeowner or renter, there are some things you shouldn’t compromise on. Here are some investments that are worth spending more on now, to save you money down the road.
Furniture
Poorly constructed furniture will wear out quickly and repurchasing broken pieces can actually end up costing more than buying higher quality furniture from the start. Make sure your furniture essentials, such as your mattress, bed frame, couch, dining table, and chairs are sturdy enough to last for years.
Contractors
If you’re having work done, make sure it’s done right. Ask your friends and neighbours for recommendations, check reviews, and make sure the company you choose has a proven record of quality craftsmanship.
Paint
Bargain paint isn’t always the deal it’s made out to be. The savings you net per can may actually be lost as you require more layers of paint to get the job done. Higher quality paint often goes on more smoothly and evenly, meaning less aggravation and better results. It will also typically stand up to more wear and tear, meaning your paint job will last longer than a bargain paint option.