After a slow first five months of the year, the condo market in Barrie has bounced back.
The average sale price for a condo apartment in June was $421,434 with units taking 39 days, on average, to sell.
Average days on market for condo townhouses was 29 days with an average sale price of $338,914.
Why was the condo market slow for most of the first two quarters of 2018?
1. Traditionally, it takes roughly three to four months for a market to bounce back after the government introduces new regulations in the efforts to stabilize an economy or when new mortgage rules are implemented.
2. There is normally a slowdown in the real-estate market leading up to an election.
3. Seasonality plays a huge role. The long, drawn-out winter didn’t help.
4. Sellers have accepted the new market that we are in and are now pricing their homes more in line with the competition and recent sales.
Condo owners will be happy to hear that the overall condo market is up year-over-year.
The average sale price for condo apartments has increased 16% since June of last year and condo townhouses are up by 25%.
Don’t forget that the market started slowing down last June, so these numbers are very positive.
With units selling for 99% of their listing price in both sectors of the market and inventory starting to shrink, I think that the condo market in Barrie will be very healthy throughout the summer.
There are currently 121 condos for sale in Barrie; 74 condo apartments and 34 condo townhouses.
*All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS® Inc. (BDAR).
