With demand remaining high, prices for condos continue to rise in the Barrie area. The average price for condo apartments last month was $354,662; a 46% increase in price from April 2016. Townhouses saw a 42% increase with the average price being $314,500. The average days on market for both condo types has been under 2 weeks, where units are selling in half the time than a year ago and most going for over their list price.
Although the condo market is less seasonal than the freehold housing sector, historically the spring market is still the 'hottest' time of year to sell any property. That said, I have already seen a jump in supply over the past week and with increased supply comes more competition for sellers. Sellers are going to have to play it smart over the next month as buyers will have more selection to choose from.
Last year the Barrie condo market had a late start to the spring boom causing the market to hold strong right through the summer. This year the market was unusually active throughout the winter months making the seasonal change have less of an impact on prices than in previous years. Some may feel that Barrie has had a 'spring like' market since the first week in January. Because of this, there is a chance that we will have a slower summer.
I'm not saying there's going to be a drop in prices over July and August but units might sell closer to asking, because less offers are on the table, but will still sell quickly. Many buyers are starting to get fed up with the multiple bids on properties and are taking a step back.
I'm interested to see how this increase in inventory will impact condo growth over the next month. There are currently 29 condo apartments for sale and 20 condo townhouses.
Have questions about the Barrie Condo Market? I would love to hear from you!!
Would like stay up to date on the Barrie condo market? Subscribe to my monthly market report TODAY!