With condominium inventory in Barrie at an all-time low, units have been selling over their asking price with minimum conditions in offers.
In October, the average sale price for a condo apartment in Barrie was $528,605. This was a 14 per cent increase from October 2020. The average days on market was 17 and units were selling for 101.4 per cent of the original asking price.
Condo apartments are a hot commodity attracting mainly first-time buyers, downsizers and investors. As the housing market continues to soar, many buyers were attracted to enter into condo ownership for lifestyle, affordability and availability.
Last month, the average sale price for a condo townhouse was $490,101, which was a 26.5 per cent increase from October 2020. The average days on market was 15 days and units were selling for 103.5 per cent of the original asking price.
The condo townhouse market has been extremely strong this year as prices for this property type have been more affordable compared to the freehold houses. Owners still have the use of a full house with a backyard and many have private driveways and garages.
The market tends to start slowing down in November as the weather turns colder and people start to prepare for the holidays. This was not the case this year. With the threat of interest rates increasing and buyers worried about prices continuing to rise, demand is higher than normal. This combined with the shortage of condos for sale in Barrie right now, properties are not staying on the market for long.
If no other condo were to hit the market, it would take only 33 days to sell all the current condo inventory in Barrie. To put it in perspective, at the beginning of the pandemic Barrie had 1.6 months of inventory on the market and in 2018 when the market was very slow Barrie had over 3.5 months of inventory on the market at a given time.
As long as the number of condos for sale remains low, it will remain a seller’s market.
There are currently a total of 18 condominiums for sale in Barrie; 15 condo apartments and three condo townhouses.
