We are only 2 weeks into the New Year and condos in Barrie are already selling in record time. Buyer demand is still very high and there is still a shortage of units for sale.
This month I thought I'd look at where the market currently is and compare it to January 2016. These were my findings:
January 2016:
1. The average list price for a condo townhouse was $193,233.
2. The average list price for a condo apartment was $233,629.
3. Units were selling for 97% of their list price.
4. The condo market was still balanced where supply and demand were at equilibrium.
Today's Market:
1. The average list price is currently $249,350 for condo townhouses.
2. It is the first time in history that the average list price for condos has surpassed the $400,000 price point, sitting at $403,578.
3. Properties listed at market value are selling within 48 hours of being listed with some going for more than the asking price. We are in a seller’s market.
It's unbelievable what can happen in a 12 month period! Why was there such a large jump in prices in the Barrie condo market last year? As prices in the residential housing market began to rise, many buyers were starting to get out bid. If they wanted to remain living in Barrie, they were forced into the condo market as it was the next affordable option. Because inventory remained quite low throughout the year, this increase in demand put upward pressure on condo prices.
I’m forecasting a very healthy year for the Barrie condo market. Here are a couple tidbits:
Buyer’s: Don’t drag your feet when it comes to a well priced and well presented unit. These will not last long!
Seller’s: Don’t get greedy! If you over price your condo the Buyers will not come. It is best to price right at market value and if your unit is worth more, you will sell for over list with multiple offers.
Coming up with the right buying and selling strategy is absolutely crucial and should be of utmost importance in this market. Please reach out if you would like condo specific market advice! Inventory for condos in Barrie is currently sitting at 37 condo apartments available and 6 condo townhouses.
There's a difference between working with an agent and working with a CONDO AGENT. Make the right decision and WORK WITH AN EXPERT!
Know of anyone looking to buy, sell or invest in a condominium? Please let me know, I love referrals!!
[email protected] or 705-816-LAMB (5262)
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