Despite the cold weather, snow and wind storms last month, people were still buying condos in Barrie.
The average days on market for both condo apartments and condo townhouses decreased by 10 days from January and the average sale price for both types of condominiums increased. These are the two main signs of a market starting to pick up.
Sellers that are putting the time and effort into staging and coming up with the right listing strategy; pricing, timing the market and marketing plan, are selling within a month of list. Those who are listing their units in ‘as is’ condition, marketing with no professional photos and pricing too high, are sitting on the market well over two months.
That said, it hasn’t been easy for some sellers even though their units are professionally staged and are priced very well. These sellers own a property type that might target a smaller pool of buyers.
For instance, condo units on the first floor or units overlooking the building dumpster are always more challenging to sell.
Other condo features that could negatively influence the salability of a condo is having extremely high monthly fees, not having a balcony and those that have an unpleasant odour. Because the buyer pool for these types of properties are smaller, sellers may have to price more aggressively to make their unit more attractive to buyers.
Three tips that will help you when selling your condo this spring:
1. Hire a professional that understands the condo market. Yes, the freehold residential housing market influences the condo market in Barrie, but they aren’t the same. They are two completely different lifestyles that have different target groups.
2. Make sure your realtor gets professional photos and video taken. Did you know that 90 per cent of all buyers start their search online? You have one chance to wow buyers! If your unit doesn’t look attractive online, you may risk losing potential buyers which could cause you to net less money on your sale.
3. Get a designer’s opinion on the presentation of your unit. Smaller spaces are harder to photograph and the wrong furniture and paint colours can shrink a room drastically. Staging is extremely important when trying to sell a condominium of any kind.
Buyers, inventory in Barrie is starting to rise again. You still have lots to choose from, but I do expect prices to continue to creep upward as we move into the spring market.
For the month of February the average sale price for a condo apartment was $388,491; up seven per cent from January, and selling for 97 per cent of their original list price.
The average sale price for a condo townhouse increased five per cent from January; now $315,736, and were also selling for 97 per cent of the original list price. There are currently 69 condo apartments for sale and 23 condo townhouses.
* All stats are based on listings sold with the Barrie & District Association of Realtors.