It has been a very slow fall for the Barrie condo market and unfortunately quieter than the summer market was, which was shocking.
Historically, the market picks up a bit during the beginning part of the fourth quarter, September and October, then slows back down for a few months starting in November. Because there wasn’t much of a boost in the spring, I definitely thought we would see positive growth last month, unfortunately that was not the case.
Condo inventory has remained high with more than 100 units for sale every month since March and units sold each month has been hovering around 30 for most of 2018.
Buyers are in no rush to make decisions as there is no urgency. Because there are plenty of condos for sale to choose from, if a buyer loses out on an opportunity to purchase there is most likely another available or they are confident that one will hit the market.
My suggestions for sellers:
1. Entertain any offer. Even if an offer is lower than you wanted/expected it is only a starting point. Don’t be insulted, take it as a compliment. There are many sellers not getting showings, let alone offers.
2. Be patient. I know this is not easy, but we are in a very slow market where buyers are taking their time with booking viewings and putting ink to paper.
3. Make sure your unit shows like a model home. Have you done everything in your power to make your condo look stunning with no flaws? Over 90% of all buyers start their search online. If your unit does not look desirable online, buyers won’t even bother booking an appointment to view in person.
Buyers, the average price for a condo apartment in Barrie dropped 9% in September from August and is down 13% from this time last year. If you are looking to get into the market, I would suggest getting pre-approved, get educated and start seriously looking. Prices could go up in 2019.
SEPTEMBER STATISTICS
Condo Apartments:
- Average Sale Price - $314,882 with a median of $292,500
- Average Days on Market – 54
- Sale-to-List Ratio – 96% (condos are selling for 96% of their asking price)
- Average Price/Square Foot - $336.59
Condo Townhouses:
- Average Sale Price - $327,231 with a median of $306,000
- Average Days on Market – 53
- Sale-to-List Ratio – 95% (condos are selling for 95% of their asking price)
- Average Price/Square Foot - $291.59
There are currently 122 condominium units for sale on the market right now; 79 condo apartments and 43 condo townhouses.
*All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS® Inc. (BDAR)
