The Barrie real estate market continues to be active, though still on the slower side. Sales have decreased compared to last spring, but appointments on listings have increased slightly over the past month and people are out visiting open houses on weekends.
Unfortunately, there has been little urgency from buyers to make a decision on their purchase. With inventory higher than normal this quarter, buyers have been taking the opportunity to view as many properties as possible to weigh out their options. Many buyers and investors are also waiting to see what happens with interest rates over the next few weeks. The next announcement from the Bank of Canada is on June 5th, and it is speculated that the interest rate will come down.
In April, there were a total of 27 condo apartments that sold in Barrie with an average sale price of $524,130. This was a 5.6% decrease in the average sale price from April 2023 and a 16.5 % decrease since the peak of the market in April 2022. Although the average sale price has remained quite level since the beginning of the year, the average days on market has started to slowly come down each month. Last month it took an average of 35 days to sell a condo apartment, which was down from 49 days in March. This was quite positive to see as a decrease in the average days on market is one of the first signs that buyer interest has begun to increase.
Condo townhouses have been in a higher demand among buyers over the past couple of months. This property type offers their residents a full range home with a backyard and private driveway/garage; similar to a freehold townhouse, at an affordable price. Although condo townhouses do have a monthly maintenance fee, many purchasers are okay with paying these fees for the added conveniences. The monthly maintenance fees that go along with this type of ownership varies among complexes but typically includes water, property management fees and the upkeep of the exterior of the dwelling as well as the grounds of the community.
In April, there were a total of 7 condo townhouses that sold in Barrie with an average sale price of $569,286; up 11% month-over-month from March. Just like the condo apartment sector, the average days on market has slowly come down each month since the beginning of 2024. In January it was 68 days and last month it was down to 19 days. Again, this shows that interest from buyers has increased for this property type as well, and Barrie will probably continue to see this trend as we move through the first half of the year.
The properties that have been selling in this slower market are the ones that have unique and desirable features, as well as those that are move-in ready and show like a model home. With the increased inventory on the market, it is important for sellers to price their property competitively right from the start. This will help your condo stand out amongst the crowd.
In May of 2023 there were under 100 condos for sale at a given time. Inventory now is almost double that. There are currently 192 condominiums for sale in Barrie, Ontario; 144 condo apartments, 36 condo townhouses, and 12 leasehold condos.
*All stats are based on listings sold with the Toronto Regional Real Estate Board
Currently For Sale with Barrie Condo Corner:
FOR SALE - Completely renovated 1155 sq foot condo on Barrie's waterfront CLICK HERE
LISTED EXCLUSIVELY WITH BARRIE CONDO CORNER - Move in ready 2 bedroom condo in Vancouver Place Condominiums. For more details please contact me directly.
Would like to read more about:
Owned vs. Exclusive-Use? CLICK HERE
Why do condo fees differ between Buildings/Corporations? CLICK HERE
Would you like to stay up to date on the Barrie condo market? Subscribe to my monthly market report TODAY!
Thinking of making a move? We are a CONDO FOCUSED team that has served the local condo community for over 9 years and have over 19 years experience serving the condo industry. We would be honoured to have the opportunity to discuss how you can net the most money in this market. CALL TODAY to book your FREE CONDO EVALUATION :)
There's a difference between working with an agent and working with a CONDO AGENT. Make the right decision and WORK WITH AN EXPERT!