Since the beginning of 2024, the freehold housing and the condominium markets have experienced very different trends. Freehold houses have been selling much faster than condo units, and for much closer to the seller’s asking price. This is mainly because of buyer preferences. There are simply more buyers in the current market looking to purchase a freehold house with a yard and a private driveway.
The real estate market is a combination of multiple sub-markets that make up a whole market. Some sub-markets in Barrie include; freehold houses, condominiums, multi-residential properties, commercial properties, and leases. Each sub-market has their own supply and demand which influence the overall real estate market in different ways. This is why it is suggested to look at each sub-market individually to better understand the real estate trends in each sector.
Let’s compare the freehold housing market to the condominium market in Barrie.
The freehold housing market in Barrie currently has 2 months of inventory on the market. This means that if no other house came available for sale, it would take 2 months for all the freehold houses to sell. This sector of the market would be classified as a seller's market. In March, the average days on market to sell a freehold house was 19 days and the sale-to-list ratio was 99.5%.
The Barrie condo market, on the other hand, is much different. There is currently 4 months of inventory for sale, which puts it in a balanced market. Last month it took an average of 41 days to sell a condo and the sale-to-list ratio was 97.8%. This is why it is important to understand the various sub-markets in the real estate industry as the professional advice given to buyers and sellers in these two sectors of the market would be quite different.
The Barrie condo market remains slow due the high supply of units listed for sale and demand has not caught up yet. Buyers in this market are taking their time to make a decision. There are lots of condos to choose from and they are in no rush. Sellers should remember that many buyers that purchase condos in Barrie are downsizing from a house and making a lifestyle change; which takes time. Others looking in this sector of the market may be waiting to see if interest rates come down prior to making a purchase.
In March there were a total of 28 condo apartments that sold in Barrie. The average sale price was $523,026; down 5% from February, with a median sale price of $480,000.
Last month there were 9 condo townhouses that sold in Barrie. The average sale price was $511,267; down 3.5% from February, with a median sale price of $500,000.
There are currently 157 condominiums for sale in Barrie; 119 condo apartments, 27 condo townhouses and 11 leasehold condos.
*All stats are based on listings sold with the Toronto Regional Real Estate Board
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