Barrie Home Sales were up in February 2009

Seasonal Trend Pushes MLS® home sales up in February 2009

The number of residential properties sold through the Multiple Listing Service® of the Barrie District Association of REALTORS® in February climbed back above the 200 unit level, the first time since last October sales have surpassed the 200 unit mark in a single month.

According to statistics published by the Association, MLS® residential sales activity for the month totaled 205 units. While this is 37 per cent below levels reported in February 2008, the decline was less than the 44 per cent year-over-year drop in January.

The normal seasonal increase in activity from January to February was 58.9 per cent in 2009, which is the largest jump for that period in a decade. As a result, the seasonally adjusted number of residential sales climbed 12.8 per cent in February compared to the previous month.

"There are market indications that home buyers and sellers have started adjusting to the new economic conditions," says Wendy Elzner, President of the Barrie District Association of REALTORS®. "Some buyers are being enticed back into the market by increased affordability and lower mortgage rates."

The dollar value of those MLS® residential sales totaled $49.7 million, down 41 per cent compared to the total value of residential MLS® sales reported in February 2008.

The MLS® average residential price was $242,258 in February 2009. This is down 6.3 per cent from the same month in 2008, but much of the decline was the result of fewer sales of higher priced properties. In February 2009, the number of sales of properties priced above $350,000 dropped 83 per cent compared to the number in that price range sold in February of last year.

The number of new residential MLS® listings dropped in a year-over-year comparison for the first time in several months, dropping 19.2 per cent to 555 units. New MLS® residential listings are expected to continue trending lower, as supply adjusts to lower demand. This is expected to help stabilize the market and prices.

The number of active listings follows the trend in new listings with a lag. Active listings remain at elevated levels, but year-over-year gains are slowing. There were 1,731 active residential listings on the Association’s MLS® system at the end of February 2009, up 20.8 per cent from a year earlier. This year-over-year increase was the smallest in seven months.

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.

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