After a very slow start to 2018, the Barrie condo market finally experienced growth last month in both the condo apartment and condo townhouse sectors.
It seems like sellers are starting to accept that Barrie is no longer in a seller dominant market. Units that have been listed for over two months and have gone through at least one price reduction, are finally selling. Most new condo units hitting the market that are being priced at the same price as the previous sold or slightly below, are selling within a few weeks. This is why average days on market tightened in May to 31 days from 50 days back in April.
In this type of market it really comes down to price. Are you pricing competitively enough against what else is for sale on the market? When coming up with a list price, are you pricing against your competition’s asking price? Are you asking for a higher or lower price than the past sales? Properly analyzing the market is key to a successful sale in the market Barrie is currently experiencing.
Although units sold has been consistent each month this year and supply has continued to rise, I’m happy to see growth in Barrie’s condo market. Last month, there was a substantial increase in the condo apartment sector where the average price was $445,994, up 36 per cent (median 30 per cent) from April, and properties were back selling for 98 per cent of their asking price. This is highly due to the change in seller’s expectations and coming up with more realistic list prices.
Condo townhouses in Barrie have had a very healthy year all around with steady growth month-over-month. The average sale price in May was $329,762; up 6 per cent from April, units were selling for 98 per cent of their list price and average days on market was 24.
As long as sellers continue to have the proper guidance with pricing and have a top notch marketing strategy to set themselves apart from their competition, I expect the condo market to continue to be healthy throughout the summer.
There are currently 138 condos for sale in Barrie; 93 condo apartments and 45 condo townhouses.
(June 2017 – Total 58 condos for sale; 33 condo apartments and 25 condo townhouses)
(June 2016 – Total 36 condos for sale; 22 condo apartments and 14 condo townhouses)
*All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS Inc. (BDAR)
