Condominium sales were up in February with a total of 50 units sold in Barrie. This was the first time since August 2020 that there were this many units sold in a given month.
The freehold residential market has been very competitive this year so many buyers have had no choice but to turn to condominium ownership.
In February, the demand for houses was so high that prices were going up by the day. Buyers were scrambling to view properties and submit offers before they sold. Most offer nights had double digit offers on the table and many were receiving pre-emptive (bully) offers, prior to the requested offer day. So far, 2021 has put 2017 — the first hot sellers' market Barrie ever saw — to shame.
Because housing prices have gone up considerably over the past couple months, buyers have been rethinking their property search criteria. With the Barrie condo market being less competitive and more affordable, many are considering a lifestyle change by opening up their searches to condo living.
The average sales price for a condo apartment in February was $476,561 (median $450,250) with units selling in an average of 26 days (median nine days) for 104 per cent of the original asking price.
Condo townhouses in Barrie were selling for an average of $463,900 (median $425,000) in an average of seven days (median six days) for 110.5 per cent of the original list price.
Although many condos in Barrie are selling for over their asking price, sales are not as competitive as the freehold residential housing market. Many condos are still selling with conditions; mainly the lawyer’s review of the condominium documents, and with only a few offers competing.
There are currently a total of 24 condominiums for sale in Barrie; 11 condo apartments and 13 condo townhouses. This marks a record low for condo inventory at a given time for Barrie. Even in 2017 when Barrie experienced its first seller-dominant market, inventory did not drop below a total of 30 units for sale at a given time.
The condo market in Barrie has exploded over the last 30 days with buyer demand surpassing supply causing this sector to favour sellers. This is highly due to the rapid increase in housing prices in the local area, making condominiums look more desirable. As long as housing prices continue to rise, expect the high demand for condos to continue as they are one of the most affordable options in real estate.
If you own a condominium in Barrie and are thinking of selling, now is definitely the time! With buyer demand up and supply at an all time low, this is a perfect opportunity to stand out and push the market.
* All stats are based on listings sold with the Barrie & District Association of Realtors