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City's condo market expected to be 'balanced' in 2019

Year-over-year, the average sale price for a condo apartment went up 33 per cent and down eight per cent for condo townhouses
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Condo

It was a slow market in 2018 for Barrie condos. Inventory kept growing as we approached the second quarter of the year and buyer demand remained the same. This caused the condo market to shift into a buyer’s market, which was a complete 180 from 2017.

It took quite some time for sellers to adjust their mindset and accept the new market Barrie was being faced with. Listing strategies needed to be adjusted and higher efforts from both real-estate professionals and sellers were necessary in order to sell within a reasonable amount of time.

Buyers were very happy to finally have some breathing room. Not only were they able to take their time with making decisions, but they no longer had to deal with bidding wars and were back in a negotiating position with sellers.

December 2017
1. The average sale price for a condo apartment was $315,050.
2. The average sale price for a condo townhouse was $285,933.
3. Units were selling for 96 per cent of their list price.
4. Average days on market for the whole condominium sector was 51 days.
5. At the beginning of January 2018, there were 39 condo apartments available for sale and 8 condo townhouses in Barrie. 
 
December 2018
1. The average sale price for a condo apartment was $420,250.
2. The average sale price for a condo townhouse was $263,500.
3. Units were selling for 96 per cent of their list price.
4. Average days on market for the whole condominiums sector was 68 days.
5. There are currently 58 condo apartments available for sale and 17 condo townhouses in Barrie. 

Year-over-year, the average sale price for a condo apartment went up 33 per cent and down eight per cent for condo townhouses. Total condominium inventory increased by 60 per cent and it took 17 days longer, on average, to sell a condominium in Barrie.

Things to consider going into the Barrie real estate market in 2019
1. With condo supply in Barrie hovering around 120 units for sale at a given time for most of 2018, we are definitely entering the new year with a healthier inventory.
2. Buyer demand for condos could increase. If there is an interest rate hike, buyers will be looking in a lower price bracket and condos are the most affordable property type in Barrie.
3. If you are looking to sell this year, my suggestion is to list sooner than later while your competition is still low.
4. Every city has sub-markets - ie. south end versus north end, one condo complex from another - within their real-estate market. It will be important to look closely at how your sub-market could impact the sale of your home.
5. If buying or selling, being educated on the cause and effect of current market trends and how they could influence negotiation strategies will be crucial this year. The Barrie condo market could be in a balanced state for most of the year.

*All stats are based on listings sold with the Barrie & District Association of Realtors




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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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