Barrie Real Estate Market Report

LOCATIONS B R O K E R A G E

BARRIE REAL ESTATE MARKET REPORT

FIRST QUARTER 2021 RECIPIENT OF ROYAL LEPAGE’S BROKERAGE OF THE YEAR AWARD FOR ONTARIO

www.locationsnorth.com

LOCATIONS B R O K E R A G E

OVERVIEW MORE RECORD-SHATTERING SALES AND SALE PRICES

RECORD Q1 SALES VOLUME OF $698,920,054 Up 119% from Q1-2020’s $319,743,042, with record units of 988 up 62% from Q1-2020’s 609.

New listings of 1295 up 37% from one year ago, with the sales/listings ratio of 76% up 11%.

RECORD MARCH SALES VOLUME OF $352,574,172 Up 163% from last March’s $134,194,565. Record March units of 494 up 98% from last year’s 249.

New listings of 613 up 51% from a year ago, with the sales/listing ratio of 81% up 20%.

RECORD YEAR-TO-DATE AVERAGE SALE PRICE OF $707,409 Up 35% from last year’s $525,030. Average days-on-market of 9 down 15 days.

BARRIE MARKET REPORT: FIRST QUARTER 2021

www.locationsnorth.com

LOCATIONS B R O K E R A G E

OVERVIEW (cont’d) THE DEMAND FOR LISTINGS IS GREATER THAN THE SUPPLY The Barrie market had a very high 109.7% sale/list price ratio in March. Homes sold in just 8 days on average, down 10 days from a year ago. And there is now less than one month of inventory. All that, and March’s 81% sales/listings ratio – which is high for the month – add up to a very strong sellers’ market.

Graph 1: Barrie MLS® Sales 2019 vs. 2020 vs. 2021 (Volume) $800,000,000

$698,920,054

$700,000,000 $600,000,000 $500,000,000 $400,000,000

$319,743,042 $300,000,000 $200,000,000

$195,785,121

$100,000,000 $0

2019

2020

2021

Graph 2: Barrie MLS® Sales 2019 vs. 2020 vs. 2021 (Units) 1,200

988

1,000

800

609

600

400

408

200

0

2019

BARRIE MARKET REPORT: FIRST QUARTER 2021

2020

2021

www.locationsnorth.com

LOCATIONS B R O K E R A G E

THE MARKET IN DETAIL Table 1: Barrie MLS® Residential Sales And Listing Summary 2019 vs. 2020 vs. 2021

2019

2020

2021

2020-2021

$195,785,121

$319,743,042

$698,920,054

+119%

Q1 Unit Sales

408

609

988

+62%

Q1 New Listings

840

944

1295

+37%

Q1 Sales/Listings Ratio

49%

65%

76%

+11%

Q1 Expired Listings

85

44

22

-50%

March Volume Sales

$97,506,758

$134,194,565

$352,574,172

+163%

March U nit Sales

198

249

494

+98%

March New Listings

366

405

613

+51%

March Sales/Listings Ratio

54%

61%

81%

+20%

21

10

4

-60%

$492,458

$538,934

$713,713

+32%

8

3

0

-300%

Q1 Sales: $250K - $399K

92

84

38

-55%

Q1 Sales: $400K - $549K

198

279

124

-56%

Q1 Sales: $550K - $699K

91

199

301

+51%

Q1 Sales: $700K - $849K

12

37

333

+800%

Q1 Sales: $850K - $999K

5

6

145

+2317%

Q1 Sales: $1M+

2

2

47

+2250%

32

24

9

-62%

$479,875

$525,030

$707,409

+35%

First Quarter (Q1) Sales

March Expired Listings March Average Sale Price Q1 Sales: Under $250K

Q1 Average Days-On-Market Q1 Average Sale Price

NOTE: All MLS® sales data in this report comes from the Barrie & District Association Of REALTORS® and refers specifically to residential sales as of April. 3, 2021.. While deemed to be reliable, Royal LePage Locations North assumes no responsibility for errors and omissions.

BARRIE MARKET REPORT: FIRST QUARTER 2021

www.locationsnorth.com

LOCATIONS B R O K E R A G E

THE MARKET IN DETAIL (cont’d) Just one look at Graphs 3 and 4 below tells the story of Barrie’s Q1 real estate market: unprecedented volume and unit sales.

Following a record January, February – usually a slowish month – then broke Barrie’s all-time monthly volume record, up 8% from last July’s prior high. March then set another all-time record, up 48% from February, capping off 10 straight record months. On the units side, Q1 also completed 10 record months, with March’s 494 sales up 30% from last July’s previous benchmark 381. Not surprisingly, with all the demand, prices have shifted upward dramatically, with sales in the $550K+ bracket up a gynormous 239% from 2020. Overall, the average sale price of $707,409 is up 87%, 36%, 45%, 47% and 35% from Q1-2016 to Q1-2020 respectively.

Graph 3: Barrie Monthly MLS® Sales 2019 vs. 2020 vs. 2021 (Volume) $400,000,000

2019

$350,000,000

2020

$300,000,000

2021

$250,000,000 $200,000,000

$150,000,000 $100,000,000 $50,000,000 $0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Graph 4: Barrie Monthly MLS® Sales 2019 vs. 2020 vs. 2021 (Units) 600

2019 2020

500

2021 400

300

200

100

0

Jan

BARRIE MARKET REPORT: FIRST QUARTER 2021

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

www.locationsnorth.com

LOCATIONS B R O K E R A G E

THE MARKET IN DETAIL (cont’d) As Graph 5 shows, 2021 unit sales are up from 2020 in four price ranges and down in three. The $550K-$699K, $700K-$849K, $850-$999K and $1M+ ranges are up 51%, 800%, 2317% and 2250% respectively. The Under-$250K, $250K-$399K and $400K-$549K ranges are down 300%. 55% and 56% respectively. More generally, the Under-$400K bracket – which accounts for 4% of 2021’s sales – is down 56% from 2020. The $400K-$699K bracket – which accounts for 43% of all sales – is down 11%. And the $700K+ bracket – which accounts for 53% of all sales – is up 1067%.

Graph 5: Barrie MLS® Sales By Price 2019 vs. 2020 vs. 2021 (Units) 350

2019

333

300

2020

301

2021

279

250

200

199

198

2019

150

2020

145

2021

124

100 92

91

84

50

0

5

3

0

Under $250K

38 $250K-$399K

7 $400K-$549K

$550K-$699K

37

$700K-$849K

BARRIE MARKET REPORT: FIRST QUARTER 2021

47 1

6

$850-$999K

1

2 $1M+

www.locationsnorth.com

LOCATIONS B R O K E R A G E

SALES BY PROPERTY TYPE Graph 6: Barrie MLS® Sales By Property Type 2019 vs. 2020 vs. 2021 (Dollars and Units)

2021 $59,743,573

2021 IN DETAIL 2021

2021

$94,911,176

161

AV. DAYS-ON-MARKET: 8 DOWN 14 days from 2020

$544,265,305

698 Single Family

Single Family

2020

Townhouse

$37,219,400

2020

2020

Townhouse

74 96

$20,333,521

Single Family

Condominium

2020 Townhouse

CONDOMINIUMS $30,886,520

$37,219,400

DOLLAR SALES: $59,743,573 UP 61% from 2020 UNIT SALES: 129 UP 34% from 2020

$251,637,122

439

Single Family

Single Family

Condominium

Condominium

2019

$544,265,305

AV. SALE PRICE: $779,750 UP 36% from 2020

Condominium

$30,886,520

Townhouse

DOLLAR SALES : $544,265,305 $94,911,176 UP 116% from 2020

$59,743,573

UNIT SALES: 698 UP 59% from 2020

129

Condominium

SINGLE-FAMILY HOMES 2021

2019

2019

Townhouse

$21,822,120

59

AV. DAYS-ON-MARKET: 21 $251,637,122 DOWN 20 days from 2020 AV. SALE PRICE: $463,128 Single Family UP 19% from 2020

2019

Condominium Townhouse

$21,822,120 TOWNHOUSES

$20,333,521

DOLLAR SALES: $94,911,176 UP 207% from 2020

57

UNIT SALES: 161 UP 118% from 2020 $153,476,496

292

Single Family

Single Family

Condominium

Condominium

Single Family Townhouse

Condominium

Townhouse Townhouse

BARRIE MARKET REPORT: FIRST QUARTER 2021

$153,476,496

AV. DAYS-ON-MARKET: 7 DOWN 9 days from 2020 Single Family

AV. SALE PRICE: $589,510 Condominium UP 41% from 2020 Townhouse www.locationsnorth.com

LOCATIONS B R O K E R A G E

BARRIE AVERAGE SALE PRICES: 2010-2021 BIG GAINS GENERALLY AND ALSO RELATIVE TO INFLATION Barrie’s average sale price for single-family homes in Q1-2020 was $779,750: that’s up 36%, 48%, 46%, 37% and 185% from 2020, 2019, 2018, 2017 and 2010 respectively. Q1-2021’s average condo price of $463,128 was up 13%, 24%, 27%, 35% and 116% from 2020, 2019, 2018, 2017 and 2010 respectively.

In 2010-11 Barrie’s average single-family home price increased at about the inflation rate. From 2012-17 it rose to 74% above inflation, before dipping in 2018-19 and then reaching 131% above in Q1-2021. The condo average sale price rose at roughly the inflation rate until 2015 before rising to 80% above inflation in Q1-2021.

$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Q1-2021

Single-Family Home Average Sale Price: 2010 > Q1-2021 Canada’s Inflation Rate Based On Barrie’s 2010 Single-Family Home Average Sale Price Condominium Average Sale Price: 2010 > Q1-2021 Canada’s Inflation Rate Based On Barrie’s 2010 Condominium Average Sale Price

BARRIE MARKET REPORT: FIRST QUARTER 2021

www.locationsnorth.com