Wow! This market has really heated up early and I expect it to remain this way until the summer. The average sale price for a condo apartment in Barrie last month was $344,336, which was a 24.8% increase from February 2016. Units are selling for 99.46% of asking and the average days on market was 28.
I was surprised to see the average days on market that high as it seems like most properties have been selling within a week. This tells me that there are some sellers out there that think the market is hotter than it really is and are pricing a bit too high. Even thought we are in a seller dominate market, analyzing the market is still crucial when listing and buyers will go to the next best property if sellers are being greedy.
Condo townhouses continue to be a popular choice among buyers. The average sale price last month was $303,817; a 43% hike from a year ago, with properties selling for 103.6% of their list price. These prices will continue to climb as condo townhouses are still the cheapest full range house available on the market.
Tip for Sellers:
Through my recent experience, buyers are looking for modern condos and are willing to pay a higher price for an upgraded unit that is move in ready. If your unit is a bit dated, it might be worth crunching the numbers and doing some renovations before listing.
Tip for Buyers:
The market is extremely competitive right now. The demand is high and the low supply is causing units to go close to asking or even over. It is very important you work with an agent that can educate you on different strategies to help win in multiple offer situations, and still have your best interest at heart.
Inventory for condos in Barrie is currently sitting at 29 condo apartments available and 5 condo townhouses.
Have questions about the Barrie Condo Market? I would love to hear from you!!
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