Over the past 9 months, Barrie’s condo market experienced double digit increases, multiple offers and units selling within days of being listed. There was no surprise that more buyers were looking to purchase a new home in Barrie as housing here is still one of the most affordable when compared with other cities similar in size in Ontario; Kingston, Kitchener-Waterloo, Guelph, etc.
When the market started to shift from a hot seller’s market to being more balanced this past summer, seller’s had to reduce their asking price to stay competitive with other condo sellers. Demand decreased, days on market grew and units began to sell for under their list price.
Many couldn’t wait for the fall market to come as it is known to be the second best market to sell in; spring being the first. Many condo owners listed last month to take advantage of the historically strong fall market. Unfortunately the demand did not satisfy the new inventory plus the units that were still on the market from August, and prices adjust accordingly. The average price for a condo apartment in Barrie decreased by 14% (median by 12%) in September and average days on market increased to 44 days.
This was not the case for condo townhouses though. The average sale price for a condo townhouse was approximately $305,000; unchanged from the previous month, and average days on market went from 47 in August down to 20. If you are thinking of selling your townhouse; stacked or full range, now is the time before the snow comes.
If you are looking to buy or sell in this market, please make sure you seek advice from a local professional that understands the Barrie condo market as the trends are very different from the residential freehold market. A balanced market can be tricky for both buyers and sellers.
There are currently 54 condo apartments for sale and 26 condo townhouses.
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