Condo sales are up for the Barrie condo market.
There was almost double the number of condo apartments sold last month than in January 2018 and five times the condo townhouses.
Buyers clearly started 2019 with a plan to purchase.
The average sale price for a condo apartment in January was $363,087 with units selling for 97 per cent of their original list price. Condo townhouses were selling for 98 per cent of their original list price and the average sale price was $301,150.
Although units are still taking approximately a month and a half to sell, on average, these numbers tell me that sellers are being more realistic with their list price than in previous months.
Inventory is still lower than what it was for most of 2018, but it is starting to climb. If you are thinking of selling, I would suggest listing sooner than later. There are serious buyers in the market right now looking to purchase before the spring market hits, in fear of rising prices.
Last year, the market started off very slow. This was due to a combination of the new mortgage rules that were implemented, high seller expectation and low demand. Many thought the market would pick up in the spring, which was not the case.
Overall condo sales were at its lowest since 2014 where only 364 units were sold; 10 per cent less than in 2017. With inventory being at a record high for the majority of 2018, sellers were forced to either negotiate more than they originally anticipated or simply take their properties off the market.
If sales continue to be like that of last month, I expect the first two quarters of the year to be similar to 2017 in terms of demand. I don’t think we will have a huge hike in prices and a ton of multiple offers, but I do think there will be a smaller gap between supply and demand.
Buyers took last year to get educated and now they are ready to making decisions. This would mean the Barrie condo market could move away from a buyer’s market and closer to a more balanced state.
There are currently 65 condo apartments for sale and 21 condo townhouses.
* All stats are based on listings sold with the Barrie & District Association of Realtors.