The Barrie condominium market in 2023 has been quiet, but overall has seen healthy growth.
The length of time it has taken for condos to sell has been largely determined by the seller’s listing strategy, resulting in a variety of outcomes. Competitively priced properties have been selling within the first couple weeks of being listed, and others that have been priced on the higher side have taken well over a month to sell.
In May, there were a total of 38 condo apartments that sold in Barrie with an average sale price of $558,995. These units took an average of 41 days to sell and the sale-to-list ratio was recorded as 98 per cent.
Not only were the prices slowly rising each month as Barrie moved through the first two quarters of the year, but properties were taking less time to sell. To compare, in January the average sale price was $486,316 and the average days on market was 93.
The condo-townhouse market in Barrie has seen a bit of a different trend. Prices were rising quite fast in the first quarter of 2023 and in April the market shifted into a seller’s market rather quickly. Demand for this property type increased drastically and, with the inventory being so low, multiple bids occurred, which caused units to sell for over the asking price.
This trend was short lived.
In May, the average sale price for a condo townhouse in Barrie was $497,222, which was a 16 per cent decrease from April, and the average days on market grew from 24 days in April to 66 days in May.
The condo townhouse market tends to be a bit more unpredictable than the condo apartment market because townhouse buyers end up considering both the condo market and the freehold housing markets and base their decision on affordability and the “better deal.” When purchasing a condo apartment, it is more of a lifestyle choice.
In a slower, more balanced market, there are a variety of listing strategies sellers use, so it is important to work with real estate professionals that have experience working with various pricing and negotiating methods.
Here are three of the most common listings strategies sellers tend to use:
1. List just above market value. This strategy is for sellers who are not in a rush to sell and want to see if they can maximize their profit. The result of this strategy may be a price reduction a few weeks after listing if there is not much interest or an offer.
2. List right at market value; or slightly below, and do not hold off offers. This strategy is meant for a quick sale. With this strategy, an offer may be received within a couple days after listing for close to the asking price or it may even generate multiple offers.
3. List well below market value, hold off offers and try for multiple bids. This strategy is used when a seller wants to generate a quick and condition free sale. The market determines the true value of the property rather than the seller or Realtor.
In short, there are many important decisions that sellers have to make when deciding to list their property for sale in the current market. Therefore, it is imperative to work with real estate professionals that have experience working with various pricing and negotiating methods.
There are currently 91 condominiums for sale in Barrie, including 72 condo apartments and 19 condo townhouses.
