I can't believe how many condos have come available in Barrie over the last 3 weeks.
When I was writing my March condo Market Report at the top of the month, there were 74 condos listed and today there are a total of 116 condos for sale; wow!! This might be a new record for condos available in Barrie at a given time.
The spring inventory is starting to hit the market but the problem that we are facing is that the older inventory isn't selling. Why? Because sellers are not pricing their units competitively enough and they are sitting. Unfortunately when there are this many units for sale you can't expect your condo to sell for any list price, especially when it isn't staged and there haven't been any upgrades done to it. Buyers have lots to choose from so if they think you're priced too high, they will simply move on to the next property.
Sellers need to understand that this is a completely different market than this time last year. During the first quarter of 2017, condos were selling within a week of being listed and many for over their list price; no matter what price they were listed for. Why was this happening then and not this year? Well, inventory was way down. There were only 31 condos for sale at the beginning of April 2017!! That's a huge difference than what is on the market now.
Recent and past sales are important to look at when choosing a list price when selling but it’s even more important to price your condo according to your competition as well.
Buyers, it's a great time to purchase while there's all this inventory on the market!!
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!!