It is very surprising to report that the average price for a condominium in Barrie has increased from last month; condo apartments by 14% and condo townhouses by 10%. I find this shocking because condos available for sale went from 74 unit to 112 and average days on market doubled.
Out of the 112 condo units currently on the market, 79 are condo apartments and 33 are condo townhouses. In April of 2017 there were only 24 condo apartments listed for sale and 7 condo townhouses. That is a huge difference!! The Barrie condo market is officially in a buyer’s market where there is 3.7 months worth of inventory for sale. What does this mean? If no other condo comes on the market, it will take 3.7 months for all available condos to sell.
Sellers, we are in a completely different market than last year and you are going to have to price more competitively if you want to sell in a reasonable period of time. It is absolutely crucial to have a solid marketing plan in place when you list so that you can separate yourself from all the other condos for sale in Barrie. What makes your condo unit and complex unique? What can you do to make your unit stand out?
Buyers, if you are looking to get into the market, now is the time! Not only is there lots to choose from but you will be able to negotiate with the seller on price and have conditions in the offer to protect you.
With Easter being early this year and many people away on holidays over March break; some taking an extra week, I found both the freehold residential housing market and condo sector very quiet. Once the weather gets nicer, the market should start to pick up. That said, average days on market and inventory need to come down before we start seeing solid growth.
The average sale price for condo apartments was $385,522 in March and $316,111 for condo townhouses in Barrie.
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*All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS® Inc. (BDAR)
Have questions about the Barrie Condo Market? I would love to hear from you!!