The Barrie condo market has been quite healthy this summer, unlike the extremely slow summer we experienced in 2018, where the majority of condo sales occurred in July.
A total of 81 condo units sold in Barrie in July and August, which was approximately 20 more than last summer.
There is no surprise that August was a slower month for condo sales than July, as August tends to be the second slowest month for real estate sales during a typical year; December being the first. Summer holidays, Labour Day long weekend and the hype of back to school play a large role in the market conditions in August.
Condo apartments took longer to sell last month with average days on market increasing to 52, but Barrie did experience growth in the condo sector.
Even with sellers having to negotiate more on their sale price, units were selling for 97 per cent of their original list price as opposed to 99 per cent in July. The average sale price for a condo apartment was $390,087 last month, which was an increase of 13 per cent from August 2018.
There was no real increase in condo townhouse sales year-over-year for the month of August, but there was from July of this year. Average sale price went up seven per cent despite average days on market also increasing to 46 days.
Moving into the fall market
1. Sellers should be aware of all their competition in the market place and how other units could affect their sale. It would be a good idea to have a secondary sale strategy as the fall market window is very small and there is not much time to react to market conditions.
2. Inventory will be back over 100 condo units listed for sale; on the Matrix System for the Barrie and District Association of Realtors Inc. (BDAR), as mid-September approached. There are plenty of great options for buyers right now.
3. With interest rates being low and prices in the freehold market continuing to rise, there are many buyers looking to get into the Barrie condo market.
There are currently 100 condominium units for sale on the market right now; 71 condo apartments and 29 condo townhouses.
* All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS® Inc. (BDAR)