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CONDO REPORT: Prices going up, days on market falling

'There are serious buyers in the market and they are ready to buy, as long as they feel they are not overpaying,' says columnist
Condos at the Barrie lakeshore.
The Barrie condo market continues to be strong as we move through the spring real estate market.
Despite the rise in condo inventory, prices have been slowly climbing and days on market have been decreasing. There are serious buyers in the market and they are ready to buy, as long as they feel they are not overpaying.

In April, there were a total of 32 condo apartments that sold in Barrie with an average sale price of $557,289.

Although the average sales price was down 13 per cent from the peak of the market in April 2022, Barrie has been seeing an upward trend in the average sales price, month-over-month since the beginning of the year.

Properties are also taking less time to sell. The average days on market to sell a condo apartment in April was 53 days, which was down from March. This shows buyers have been much more active in the more recent months.

Condo townhouses have become a more popular option among buyers over the past month. This property type offers their residents a full range home with backyard and private driveway/garage at an affordable price.

Although condo townhouses do have a monthly common element fee, many owners are OK with paying the fee that goes along with this type of ownership as there are conveniences. The monthly maintenance fees normally include water, property management fees and the upkeep of the exterior of the dwelling as well as the grounds of the community.  

In April, there were eight condo townhouses that sold with an average sale price of $594,288. The heightened demand for these types of condominiums has created multiple bids in this sector of the market causing units to sell for an average of 104 per cent of the original asking price.

This was the first time the Barrie condo market has seen properties selling for over their list price since June 2022.

We are finding that properties that are priced competitively with the rest of the market and presented like a model home are selling rather quickly — under two weeks, some even with multiple offers on the table. The sellers that are testing out the market and starting with a list price higher than market value are not getting many appointments booked causing the property to sit on the market longer than it should. 

It is risky pricing your home too high in a market that has a decent amount of inventory. The most serious buyers will book an appointment to view your condo within the first 10 days of listing.

If you are listed too high, 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.

Historically, the spring market is the best time of the year to sell real estate. This is especially the case for waterfront properties like cottages and condominiums with a water view, as well as freehold houses that have extensive gardens and an outdoor pool. 

There are currently 94 condominiums for sale in Barrie, including 79 condo apartments and 15 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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