Demand for condominiums in Barrie has been steadily decreasing over the last year because of the uncertainty in the real estate market.
Since the condo-townhouse sector peaked in February 2022 and the condo-apartment market peaked a month later, prices have been adjusting downward. This is primarily due to the fact there are not as many buyers actively looking to purchase a condo in Barrie as there once was and inventory has been slowly increasing.
In February, there were 20 condo apartments that sold in Barrie. The average days on market was 68 days and the average sale price was $489,200, which was down by 23 per cent year-over-year for the month of February.
The reason why there has been such a large drop in prices is due to demand. When demand is low and supply is high, prices will adjust downward.
In order to stay competitive and generate more interest from potential buyers in this slower market, many sellers have had to reduce their asking price resulting in a lower sale price.
Did you know that the most serious buyers will book an appointment to view your condo within the first 10 days of listing? By the time you lower your price to bring it more in line with the market, those serious buyers may have already found another place to call home. You are better off pricing competitively from day one and tightening up your negotiation strategy. If you do this, you are more likely to sell in less time and could possibly net more money.
The condo-townhouse market continues to be quite slow, as more people can afford to purchase a freehold house now that the prices have come down.
In February, there were only five condo townhouses that sold in Barrie. In fact, the last time there were double-digit condo townhouses that sold in a given month was back in May 2022, just after this sector of the market peaked.
Last month, the average sale price for a condo townhouse was $484,160 — down from $664,417 at the peak of the market. Like condo apartments, the main reason for the drop in sale prices is because demand has decreased and supply has increased.
When choosing a listing strategy in a slowing market for any condo type, it is important to consider the sub-markets that are within the condo market.
Examples of condo sub-markets are: individual condo complexes, location, size of unit, single or multi-level units, various views, age of building, maintenance fees and what they include. These, along with your living situation, competition at the time of listing and the property type should be well thought through.
This is why it's important to work with a Realtor that specializes in condominiums since there are so many differences from the freehold housing market. A condo-focused agent understands condominiums, the lifestyle and the various market trends within each condo complex.
There are currently 96 condominiums for sale in Barrie, including 81 condo apartments and 15 condo townhouses.
* All stats are based on listings sold with the Barrie & District Association of Realtors under the Matrix System.