Condo inventory continues to rise in Barrie as we move into, what is historically, one of the busiest months for real estate.
Over the last couple of years, Barrie condo sellers have had the upper hand in the spring market where properties were selling within two weeks of listing and many going for over the asking price. This year is very much the opposite.
Although demand has remained relatively the same, condos available for sale in Barrie has almost tripled what it was in May of 2017. There are currently 125 condos for sale on the market in Barrie; 86 condo apartments and 39 condo townhouses.
The average days on market for a condo apartment last month was 50 days and units were selling for 96 per cent of their original list price.
I have noticed that many sellers have been reducing their asking price after being on the market for a few weeks in hopes to get more action. Did you know that the most serious buyers will book an appointment to view your condo within the first 10 days of listing? 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.
The stats for condo townhouses in Barrie were quite different. Properties were selling last month for 98 per cent of their asking price and were taking only 28 days, on average, to sell. Although condo townhouses were selling for 107 per cent of their list price in April 2017, there was only a $15,000 difference in the average price year-over-year. This part of the condo market is balanced and I expect condo townhouse sales to be very healthy throughout the spring.
When listing, condo sellers should keep in mind that there is currently 4.27 months of overall condo inventory on the market in Barrie. What does this mean? If no other condo comes on the market, it will take 4.27 months for all available condos to sell.
The average sale price for condo apartments was $328,709 in April and $312,533 for condo townhouses in Barrie.
*All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS® Inc. (BDAR)
