It has been a healthy condo market in Barrie this summer. Interest rates are low and serious buyers are looking to capitalize on lower monthly payments and condo complexes are looking their best inside and out.
For most of spring, many condominiums in Barrie took well over a month and a half to sell causing sellers to adjust their selling strategy to gain attraction; to reduce their list price, relisting at a lower asking price or simply cancel their listing all together. It has been quite an adjustment for sellers to understand how important it is to price against their competition.
With less resale condo inventory on the market entering July and sellers pricing more competitively, the gap between supply and demand became smaller. When the gap shrinks, we come closer to a more balanced market. That said, July’s condo market statistics for Barrie came back with no surprise.
1. The average days on market decreased to 30 days – less inventory to choose from.
2. Condo units were selling for 99% of their original list price – pricing to the market.
Although there was not much of a change in the average and median prices, the average days on market and sale-to-list ratio show that the condo market is healthy – sellers are pricing at market value and buyers willing to pay.
However, there are complexes in Barrie that have more condominiums listed than others so it is important to get an in-depth market analysis done on your condo before listing and understand how the competition in your complex can affect the marketing of your condo and the salability.
What I have noticed this summer in the Barrie condo market:
* If your condo unit is priced too high, the market will force you to adjust your price if you would like to sell. Pricing competitively is very important as the Barrie resale condo inventory is still quite and there is added competition with multiple new condo projects being launched.
* The demand has been higher for waterfront condos. Although the condominium market isn’t generally seasonal, real estate sales in cities that have waterfront properties tend to spike during the warmer months.
* More buyers are inquiring about smoke free buildings. Being in a smoke-free building is now part of many people’s search criteria just like pet restrictions and building amenities.
Condo inventory has remained relatively the same throughout the summer. There are currently a total of 96 condos on the market in Barrie; 96 condo apartments for sale and 21 condo townhouses. Expect active listings to increase in September.