The summer is traditionally one of the slower times of year for real estate. Many buyers and sellers travel and take time to be outdoors during the warmer months causing property sales to decline or level off.
During the pandemic, the market was a lot less predictable as the market conditions were influenced by the lockdowns and reopening of the economy, but this summer the Barrie condominium market followed a more traditional trend.
Over the past few months, many buyers have put their search on hold to see how the market was going to respond to the various interest rate hikes, which has played a large role in the cooling of the market.
Throughout July and August, the average days on market to sell a condo grew, prices decreased and sellers had to adjust their expectations as the market continued to move into a more balanced state.
In August, the average sale price for a condo apartment in Barrie was $533,691. This was a 17 per cent drop in the average sale price since this sector of the market peaked in March 2022.
Although condo apartments continue to be in a high demand among first-time buyers and downsizers, sales are down and many buyers have decided to wait and see if the market is going to drop further. This lack of urgency from buyers has caused the average days on market to increase, forcing some sellers to adjust their list price in order to attract buyers and sell in a reasonable amount of time.
The condo townhouse market saw its biggest drop in August yet. The average sale price has decreased 28 per cent since this sector peaked in April 2022, recording a new low of $494,500. This was the first time the average sale price for condo townhouses dropped below $500,000 since October 2021. Just like the condo-apartment market, minimal appointments are getting booked on listings which has caused properties to take longer to sell.
If you are thinking of selling this fall, make sure you interview multiple teams/Realtors. No two Realtors run their business the same. You will want to ask what is included in their services and make sure they are the right fit for you. Barrie is in a shifting market and sellers only have one opportunity to make a good first impression.
If you are thinking of buying this fall, make sure you understand what is involved in purchasing a condominium. Buying a condo is very different from a house and every condo complex is operated differently.
There are currently 84 condominiums for sale in Barrie, including 58 condo apartments and 26 condo townhouses.
