Editor's note: This report was written before widespread closures were implemented and a recent announcement from the Bank of Canada due to the coronavirus.
There is a very strong buyer demand for Barrie real estate right now and many buyers are looking to purchase condos as they are the most affordable property type available for sale in Barrie.
Last month, there was a total of 51 condominiums sold in Barrie, which the city of Barrie has not seen that many condo sales in a given month since June 2018 when inventory was at its highest.
In February, there were 34 condo apartments sold in Barrie with an average sale price of $416,791; median $407,000. Units were selling for 98 per cent of the list price in an average of 41 days of being on the market; median days on market was only 28.
It looks like the market is tightening as we move further into 2020.
There were 17 condo townhouses sold in February with an average sale price of $328,703; median $344,900. Because of the shortage of condo townhomes that are available for sale, units have been selling for 100 per cent of their list price in an average of three weeks; median was 17 days.
If no other condos were to hit the market, it would take 1.6 months to sell all the current inventory. To put it in perspective, in 2018 when the market was very slow Barrie had over 3.5 months of inventory on the market at a given time. As long as direct competition is low, sellers will have the upper hand in this market.
With the drop in interest rates, expect the buyer demand to continue to be strong throughout the spring market. If condo inventory continues to stay as low as it has been, sellers will continue to dominate the Barrie condo market, until supply surpasses demand.
There are currently 64 condominium units for sale in Barrie; 54 condo apartments and 10 condo townhouses.
* All stats are based on listings sold with the Barrie & District Association of Realtors