It is wonderful to have seen some growth in the condominium sector of the Barrie real estate market in October.
It was a small 1.3 per cent increase in the median price for condos market wide, but at least we didn’t see a decrease.
Although inventory is still way over 100 units for sale and are taking a month and a half to sell; on average, properties are still selling.
This month, I decided to look back at October 2017’s stats to see what the year-over-year numbers looked like.
All markets experience hills and valleys during the course of a year and because real estate is very seasonal, it’s always a good idea to look at one month and compare the numbers.
Condo Apartments - October 2017
Number of Units Sold: 19
Average Sale Price: $340,000
Median Sale Price: $312,000
Average Days on Market: 42
Price per square foot: $360
Units were selling for 97 per cent of their list price
Statistics Condo Apartments - October 2018 Statistics
Number of Units Sold: 21
Average Sale Price: $407,405
Median Sale Price: $306,000
Average Days on Market: 49
Price per square foot: $388
Units were selling for 96 per cent of their list price
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Condo Townhouses - October 2017 Statistics
Number of Units Sold: 14
Average Sale Price: $306,941
Median Sale Price: $286,000
Average Days on Market: 39
Price per square foot: $243
Units were selling for 97 per cent of their list price
Condo Townhouses - October 2018 Statistics
Number of Units Sold: 13
Average Sale Price: $332,177
Median Sale Price: $300,000
Average Days on Market: 42
Price per square foot: $269
Units were selling for 96 per cent of their list price
As you can see, there hasn’t actually been much of a change from October 2017 and 2018.
Averages are always funny because one sale could throw the whole average off. Last month there could have been a couple higher-end condo apartments sell which may have bumped the average price up.
This would explain the large gap between the average sale price and the median sale price.
Last year there were only 48 condo apartments and 23 condo townhouses for sale at the beginning of November.
There are currently 78 condo apartments and 32 condo townhouses on the market.
Inventory has gone up considerably and the number of units sold are pretty much identical. Because buyer demand has not increased with the number of units for sale, we now have a major surplus in inventory.
Sellers are having to wait longer for their units to sell and are having to negotiate more to lock down a buyer.
There is no doubt that buyers have been in the driver’s seat this year, but that could all change if there is another rate hike in the new year.
An increase as small as a quarter of a point could change a buyer’s mortgage approval drastically. If you are in the market to purchase, it might be a good idea to do so before your budget changes.
*All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS® Inc. (BDAR)
