Inventory for Barrie condos is way up! There are currently 74 units for sale; 61 apartments and 13 townhouses, which is what Barrie normally sees in the heat of a spring market. This time last year there were only 34 units on the market!! What does this mean? It’s unlikely we will have multiple offers on condos this March.
Both condo apartments and condo townhouses are taking an average of 3 weeks to sell, which is much faster than back in January when the average days on market was 63 days for condo apartments. Although we have a large amount of condo inventory in Barrie right now, demand has started to pick up.
If you are planning on listing your condo over the next few months, make sure you are looking at all aspects of the market, not just recent solds. If you want to net the most money possible for your condo, positioning yourself properly is crucial. Sellers, you have a lot of competition on the market and if you price too high, buyers will simply go elsewhere. When listing, you might have to take more time to prepare your home for sale and think outside the box on how you can stand out. Unlike when owning a house, condo owners have far less ways to set themselves apart from their competition.
A few things to think about:
1) What can you do differently to catch more buyer’s interest?
2) What are the unique attributes of your condo that might not be offered elsewhere? (complex amenities, complex community, unit features and upgrades, etc.)
3) Is the marketing campaign that you are committing to highlighting all attributes of your unit and condo complex and targeting as many potential buyers as possible? Don’t forget that condo buyers aren’t just buying your unit, they are interested in what the whole complex has to offer and are buying into a lifestyle.
4) Are you getting advice from an excellent group of condo professionals? (Realtor, Stager/Designer, Photographer, Lawyer, etc.) Listing and selling a condo is quite different than a house.
It’s going to be a healthy year for Barrie condos. Condo units, both apartments and townhouses, are still very affordable when compared to the housing market and Barrie is still one of the most affordable cities to live in that’s connected to Toronto.
The average sale price for condo apartments was $335,720 in February and $287,700 for condo townhouses in Barrie.
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)
Have questions about the Barrie Condo Market? I would love to hear from you!!