After experiencing record highs for Barrie condos all spring and summer, the fall market has slowed down quite a bit. Since last month we have experienced a 15% decrease in condo prices, which is the first drop we have seen all year. But there is no need to be concerned!
Every city experiences seasonal cycles; heightening and softening, in their market place throughout any given year. This decrease is simply due to seasonality changes. Why do I think that? Because Barrie condo prices are still up 25% since January – positive growth!! Barrie’s condo market did not have a slow summer after the spring boom so we are feeling it now.
Last month there were 17 condo apartments sold and 7 condo townhouses. Units sold did not change much from August but average days on market more than doubled for both condo apartments and condo townhouses, going from 14 days to sell to now 30.
Why are condos taking longer to sell? There are two possible reasons:
1) Inventory has increased while buyer demand has remained the same or dropped.
2) Sellers are not getting the right guidance on the current market and are asking too much, causing units to stay on the market longer.
Buyers: If a condo shows well and is priced at market value it will sell fast!! Although the market has slowed down, you still need to stay on top of the inventory and market trends as much as possible.
Sellers: Seasonality plays a huge roll in real estate. You cannot just base your list price on past solds. Make sure you are seeking advice from a professional that looks at all economic factors – it could cost you thousands of dollars!!
Inventory is currently sitting at 25 condo apartments available and 15 condo townhouses. If you own a condo and are curious for what it might fetch in today’s market, please reach out so we can discuss the best selling strategy for achieving your goals.
There's a difference between working with an agent and working with a CONDO AGENT. Make the right decision and WORK WITH AN EXPERT!
Know of anyone looking to buy, sell or invest in a condominium? Please let me know, I love referrals!!
[email protected] or 705-816-LAMB (5262)
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