The summer was quite slow for the Barrie Condo market but fortunately we did not have a drop in average prices. The real estate market for condos in Barrie is still very healthy and I think sellers are starting to accept the changing market. Although there wasn't a decrease in average price we did see average days on market increased and the sale to list price ratio decreased.
In August 2016, the average days on market for a condo apartment was 14 days and condo townhouses were selling in 18. Last month it took on average 38 days to sell a condo apartment and 49 for townhouses. The main reason why properties have been sitting longer than they should is because sellers are asking too much. The times of picking a list price out of the sky and expecting to sell within a day for asking or more, is over. If you price too high you will have to reduce to stay competitive in this market.
Last summer condos were selling in Barrie for 100% of their list price and in August condo apartments were selling for 97% of asking and townhouses for 94%; some after reducing their list price. We have entered a balanced market. There is room to negotiate as inventory has increased and demand has remained the same, or slightly decreased.
Although there has been a softening to the market, year-over-year the condo market in Barrie has performed very well. It is up 14% from this time last year and many units are selling under two weeks; provided the asking price is at market value, sellers are working with a professional who understands how to work in a more competitive market and has marketing strategies to target the right buyers.
As we move into the final quarter of the year, I see the Barrie condo market remaining strong and possibly experience a bit of a boost. That said, I do not expect to see bidding wars again this year.
There are currently 45 condo apartments for sale and 20 condo townhouses.
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