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CONDO REPORT: Gap widens between condo supply and demand

'The condo sector is currently experiencing completely different trends than the freehold housing market is in Barrie,' says columnist
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The gap between condo supply in Barrie and demand has continued to widen as we move through the first quarter of 2024.

This is because there are not as many buyers actively looking to purchase a condo in Barrie as there once was, and inventory has been slowly rising.

It is expected for buyer demand to increase when interest rates come down later this year.

In February, there were a total of 18 condo apartments that sold in Barrie. The average sale price increased slightly from January and the average days on market decreased, which are two signs of the market improving.

Last month, units took an average of 46 days to sell and the average sale price that was recorded was $552,286.

When selling in a slower market with very high inventory, it's important to price your condo competitively or you might not capture as many potential buyers.

Did you know that the most serious buyers will book an appointment to view your condo within the first 10 days of listing? With that in mind, 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 the start 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.

In February, condo-townhouse units took an average of 34 days to sell and the average sale price was $530,000. The demand in this sector of the market was very similar to January 2024, where only six condo townhouses sold in Barrie.

In fact, the last time there were double-digit condo-townhouse sales in a given month was back in July 2023, the same month that the Bank of Canada last raised interest rates.

Last summer, demand was much higher than it is now as many buyers were locked into a lower mortgage rate and wanted to purchase before their rate hold expired. These buyers were motivated to purchase as there was the fear that interest rates were going to continue to rise through the fall months.

It is important to know that the real estate market does not always experience the same trends. The condo sector is currently experiencing completely different trends than the freehold housing market is in Barrie. It is a much faster pace market at the moment because demand is high and listings are down.

This has caused properties to sell much faster than in the condo market. This is why it is important to receive guidance from a professional that works in your specific market place on a consistent basis.

There are currently 130 condominiums for sale in Barrie, incouding 113 condo apartments and 17 condo townhouses.

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Ashley Lamb

About the Author: Ashley Lamb

Ashley Lamb is a local condo expert who writes a monthly column about statistics and trends in the Barrie real estate market
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