Barrie's fast-moving and competitive real estate market hit new highs in 2016 with no immediate end in sight.
In January 2016 the average sale price of a residential home in Barrie was $372,947.
Fast forward to December 2016 when the average sale price was $471, 329.
"We've seen an increase of 26 percent over the past year which is pretty significant," said Rob Alexander, president of the Barrie and District Association of Realtors Inc.
"Inventory has been at historic lows and it's a supply and demand situation. It is so fast-moving."
The seller's market started 18 months ago and hasn't changed because housing supply has not increased.
Lots of new development is planned for south end annexed lands but those homes are still a couple of years away.
"We're at historic levels here of demand certainly in my lifetime and it's something that the Barrie area market had never really encountered before," said Alexander.
Traditional ways of buying and selling homes have gone out the window and time is no longer on your side.
If you're home-shopping, you need to get your present abode de-cluttered, staged, photographed and ready to go on the market, Alexander said.
You need to act fast if a home fitting your criteria becomes available.
"Because of severe competition it's important to get out and see things in person quickly," said Alexander. "You don't really have the luxury of 'Oh I'll wait until the weekend.'
Multiple offers and bidding wars are more frequent, said Alexander.
"There's been a couple of instances in the past year where I've seen a house listed at $460,000 and it goes for $525,000-$550,000. Going 40 to 50 thousand over list is not the norm, but I've seen it. In years gone by that would have been very, very rare."
Alexander warns against getting caught up in emotion, stay within your budget comfort level and in some cases adjust your expectations.
And because the market is so fast-moving, some buyers might feel pressure to waive conditions.
"It's happened in Barrie," said Alexander. "It's certainly nothing I would ever recommend."
He says it all boils down to excellent preparation.
"This is where we strongly encourage people to work with a professional, ideally local realtor who knows the market and can help you establish a plan how to go to the market."
As for 2017, it doesn't take a crystal ball to see the status quo will likely be maintained - at least for now.
"The way things are starting out demand is still very high and supply is still pretty limited," Alexander said.
