CONDO PRICES JUMP IN BARRIE AS SUMMER REAL ESTATE MARKET HOLDS STRONG
Condominium sales in Barrie have started to level off as we push through the summer market. Barrie is no longer seeing condo sales doubling month-over-month as we saw in the spring when the economy was starting to slowly reopen.
When the world went into lockdown at the beginning of the pandemic, it caused extensive uncertainty in many sectors of the economy including the real estate market. All public open houses were cancelled, buyers were not booking appointments to view properties and active listings were down as sellers were only listing if a move was absolutely necessary. Priorities shifted as kids were forced to stay home, many were getting laid off as retail stores and restaurants were closing and the majority of the population had to work from home. It was no longer business as usual; buyers and sellers were sitting tight.
When the economy went into lockdown, condo sales in Barrie dropped substantially. There were only 13 condos that sold in the month of April; 8 condo apartments and 5 condo townhouses, compared to over 40 in April of 2019. But then the economy started to slowly reopen condo sales were on the rise. May sales double that of April and June sales doubled May’s. The crazy seller’s market we were experiencing pre-pandemic was back.
Buyers did not know what to do! Many thought the pandemic would have caused a longer slowdown or even dip in the market, but here we were, back experiencing offer days and multiple bids on properties. It was like the market opened up overnight.
In July total condo units sold started to level off, where there were 50 condominiums sold last month; 33 condo apartments and 17 condo townhouses, which is very much what Barrie’s condo market saw in June. Although we did not see condo sales double again, prices continued to increase as demand was still exceeding supply.
The average sale price for a condo apartment increased 31% from June with the median increase of 24%. Units were selling for 99% of their original list price in an average of 26 days.
Condo townhouses also saw an increase from June to July. The average sale price rose by 3% with a new average sale price of $374,459. Units were selling in an average of 20 days for 100% of the original list price.
The overall condominium market in Barrie is up 10% from July 2019 where units are selling in less days and closer to the seller’s asking price.
There are currently 96 condominium units for sale in Barrie; 80 condo apartments and 16 condo townhouses. Inventory has started to increase during the month of August. If condo sales start to slow down, there is a chance we will move into a more balanced market this fall.
*All stats are based on listings sold with the Barrie & District Association of Realtors.
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