Condominium sales in Barrie have been slowly creeping up since May when the economy began to reopen.
Total condominium sales in June was just short of doubling May’s sales, and average days on market dropped by nine days in June, compared to May of this year.
There were a total of 35 condo apartments that sold in Barrie in June 2020, compared to 15 in May, with an average sale price of $341,850, which was down slightly month-over-month.
Properties were selling for 98 per cent of their asking price in an average of 24 days.
Condo townhouses have been quite a hot commodity in Barrie this year, pre-pandemic and into the current market. The average sale price in this sector of the market has continued to steadily increase in 2020 where June recorded one of the best months in history. The average sale price last month for a condominium townhouse was $363,900 and units were selling in an average of 28 days for 99 per cent of the list price.
Despite the world pandemic and the provincewide lockdown for most of the first half of the year, the overall condo market in Barrie has been stronger than in 2019.
There were 200 condominiums sold in the first half of 2020 with an average sale price of $384,159 (median $360,000) where units were selling in an average of 34 days (median 22 days). That said, in the first half of 2019 condo units were selling in an average of 41 days (median 27 days) for an average sale price of $359,460 (median $325,000).
Buyer demand is up compared to this time last year and supply is much lower. This has caused properties to sell faster and in turn, has put upward pressure on prices.
As Barrie home buyers continue to get outbid in the freehold residential market, many have been forced into the condominium market as it is the next affordable option. Provided housing prices continue to rise, it is safe to expect the Barrie condo market to flourish.
There are currently 77 condominium units for sale in Barrie, including 62 condo apartments and 15 condo townhouses. Last July, there were a total of 107 condominiums for sale in Barrie.
* All stats are based on listings sold with the Barrie & District Association of Realtors
