Barrie’s condo market is off to a slow start this year, which was expected. There were more buyers in December as they rushed to purchase before the new mortgage rules were implemented January 1st. Only 8 condo apartments sold last month and 1 condo townhouse. This is half of what was sold in December and almost a third of the condos sold in January 2017.
Inventory is way up for condo apartments; currently 52 for sale. We normally see heightened inventory like this in the spring when there are lots of buyers to satisfy the supply. Unfortunately that is not the case right now. Condo units are taking an average of 63 days to sell and if buyer demand doesn’t increase soon, there will be downward pressure on prices.
Condo townhouses, on the other hand, are taking an average of 3 weeks to sell and there are only 10 for sale at the moment. I expect the condo townhouse market to do very well over the next few months.
The condo market is influenced by the freehold housing market and with housing prices down 25% year-over-year, there are still some great opportunities to purchase entry level houses in Barrie. Demand for condos will increase when prices start to climb in the freehold sector, forcing buyers to start turning to condos as they are the next affordable option.
Seller’s, there is a lot of competition out there right now. If you are looking to list your home over the next few months, make sure you have proper guidance on your price and selling strategy. Price more competitively! That will be the key to achieving your goals and netting the most money possible in this market.
There's a difference between working with an agent and working with a CONDO AGENT. Make the right decision and WORK WITH AN EXPERT!
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*All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS® Inc. (BDAR)
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