The Barrie real estate market in 2024 was not as active but it was predictable. Although the recorded number of sales were not as high as in previous years, there were two major positives. One, the Bank of Canada was able to maintain the inflation rate at its target, and two, the prime lending rate came down 1.75% over the final six months of the year.
As a recap, Q1 of 2024 was the slowest quarter for condo sales. There were 82 condominium units that sold which took an average of 47 days to sell and the average sale price that was recorded was $521,923. Barrie, Ontario started off the year with a decent amount of inventory; 105 condominiums for sale in January; and continued to increase as we moved into the spring market.
At the beginning of the second quarter there were 157 condos for sale in Barrie and by June, there were already 195. This was almost double the number of condos available compared to January. This extreme increase was from a combination of old 2023 inventory that did not sell and was re-listed, along with new condos that came available for the first time. The influx of listings that hit the market caused the market to slow further.
Between April and June, there were only 115 condominiums that sold in Barrie with an average sale price of $550,278. To put it in perspective, in 2023 there were 236 units that sold during the same period. Although sales were down in the 2024 spring market, the units that did sell sold in an average of 33 days, which was positive.
In Q3 of the year, the total number of condominium units sold decreased and the average days on market grew. This is a common market trend during the summer months as many potential buyers put their real estate search on hold and take holidays for time with family and friends. During this quarter, there were a total of 89 condominium units that sold in Barrie. These units took an average of 41 days to sell and recorded an average sale price of $532,995.
The final quarter of 2024 was more active than expected. This was highly influenced by the drop in interest rates over the second half of the year. Over this period, there were a total of 101 condominium units that sold in Barrie with an average sale price of $552,577 recorded. These units took an average of 48 days to sell and sold for 98% of the list price.
Overall, the 2024 real estate market was quite stable and predictable.
Let’s see what happened in the Barrie condo market year-over-year for the month of December.
December 2023:
1. The average sale price for condo apartments sold was $508,859.
2. The average sale price for condo townhouses sold was $468,333.
3. Units were selling for an average of 97% of their original list price.
4. Average days on market for the whole condominium sector was 32 days.
5. At the beginning of 2024, there were 105 condominiums for sale in Barrie, Ontario.
December 2024:
1. The average sale price for condo apartments sold was $518,485.
2. The average sale price for condo townhouses sold was $530,000.
3. Units were selling for an average of 97% of their original list price.
4. Average days on market for the whole condominium sector was 35 days.
5. There are currently 164 condominiums for sale in Barrie, Ontario.
Year-over-year for December, the average sale price for condo apartments increased by 1.9% and condo townhouses increased by 13%.
Things to consider when going into the Barrie real estate market in 2025:
1. Get into the market sooner rather than later. Throughout 2024, buyers had the advantage when negotiating offers because of the surplus in inventory. Buyers were able to take their time when making a decision and were able to put multiple conditions in their offers to help protect their interest.
Now that interest rates have come down and the cost of borrowing is more affordable, it is speculated that the demand for condominiums may increase over the course of the year. Depending on how much the buyer demand rises, Barrie may begin to see prices start to creep upward. Right now, there are some great opportunities for buyers to purchase while the market is not as active.
2. Consider listing now. Although prices may increase mid-year as a result of the drop in interest rates, there may be a lot more inventory this spring than usual. The combination of 2024 inventory that did not sell and the new inventory of 2025 could create more competition for sellers than in previous years.
3. Hire a condo specific Realtor to assist you with your condo sale or purchase. The market trends in the freehold housing market are quite different from the condominium market in Barrie. It is in your best interest to get advice or guidance from a professional that works in the condo sector regularly.
*All stats are based on listings sold with the Toronto Regional Real Estate Board
Read our previous report for the Barrie condo market - December 2024
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