Barrie real estate has had a fantastic kick off to the year with the average sale price for detached houses and semis surpassing $500,000 and houses selling for 104.24% of their list price. I expect the demand for condos to continue to increase as buyers will get out priced of the residential freehold market and start looking at condo living.
Condo townhouses is the first sector of the real estate market where you will see people moving from the freehold housing market to condos. This is because the buyer doesn't need to sacrifice their lifestyle all that much and their monthly overhead generally remains the same. With the average sale price for a freehold townhouse nearing $400,000 last month, you will begin to see prices for condo townhouses creep up as buyer demand increases.
During my analysis this month I decided to look at the median price rather than the average sales price for condo townhouses as I felt that the average sale price was skewed due to minimal sales. The median price for a condo townhouse in January was $312,250, up from $192,500 a year ago. This past year has been the largest growth that condo townhouses have seen in Barrie.
Condo apartments have also been performing very well with listings lasting on the market for an average of 3 weeks and the average sale price up 31.6% from January of last year.
The condo market typically lags 2-3 months behind the housing market and seasonality changes doesn't effect the condo market like it does when selling a house. Looking at the freehold market today really helps with being able to interpret what the spring market will have in store for Barrie condos. In my opinion, we are on the right track for another record year.
If you are looking to sell a condo this year, make sure to discuss your marketing strategy with an agent that works every day in the condo sector of the market as it is not the same as the freehold sector but is influenced by housing sales.
Inventory for condos in Barrie is currently sitting at 30 condo apartments available and 9 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!
Would like stay up to date on the Barrie condo market? Subscribe to my monthly market report TODAY!
