After a couple years of extremely high inventory and a slow buyer’s market, it looks like 2020 is off to a hot start, very similar to what we experienced back in 2017.
Straight out the gates of 2019, buyers started purchasing condos as though their New Year's resolution was to purchase a condominium in the first month of the year.
Units were getting bought up within days of being listed, especially those under the $375,000 price point, and last year's inventory was selling as the prices were too hard to turn down.
By the end of the month, sellers started to realize that the market was picking up early and many decided to list to take advantage of the early buyer demand.
It has already been recorded that properties are selling over their list price with multiple offers on many in the Greater Toronto Area. If this continues into the spring market, expect demand for housing to increase in Barrie as buyers will start to look north for cheaper options. This could cause prices to start slowly increasing.
The average sale price for a condo apartment in Barrie for January was $398,245, which was a four per cent increase from December 2019.
Additionally, the average sale price for a condo townhouse in January was $363,613, a whopping 16 per cent increase from December, and units were selling for 97 per cent of their list price.
As the prices in the freehold sector of the real estate market continue to rise, expect demand to increase for condo townhouses. Although there is a monthly maintenance fee that runs with condo ownership, they are still one of the most affordable – best bang for your buck – property type in the Barrie market.
It looks like the first quarter of the year will favour the seller, especially for properties priced under $400,000.
As long as the seller competition is low, the seller will have the upper hand. If enough properties get listed to cause supply to exceed demand, buyers will start having the upper hand.
There are currently 71 condominium units for sale in Barrie, including 60 condo apartments and 11 condo townhouses.
The last five years at a glance
In 2019, there were a total of 419 condominiums sold in Barrie and the average sale price was $364,558, up four per cent from 2018.
In 2018, there were a total of 364 condominiums sold in Barrie and the average sale price was $350,134; up four per cent from 2017.
In 2017, there were a total of 404 condominiums sold in Barrie and the average sale price was $335,450; up 25 per cent from 2016.
In 2016, there were a total of 390 condominiums sold in Barrie and the average sale price was $269,114; up 16 per cent from 2015.
In 2015, there were a total of 418 condominiums sold in Barrie and the average sale price was $231,404.
* All stats are based on listings sold with the Barrie & District Association of Realtors
