Real estate can sometimes be unpredictable during the month of May. Some years buyers have taken time away from their property searches to be with family/friends over Mother’s Day and Victoria Day long weekend which could slow the market down a bit. In many cases, this May ‘pause’ has been followed by a June rush. Other years the spring market has been so hot where buyers have been extremely eager to purchase and May events have not got in the way. When this happens, June tends to be on the slower side.
Last month condominium sales in Barrie Ontario stayed consistent with April in terms of units sold. There were a total of 45 condos sold in Barrie in May; 32 condo apartments and 13 condo townhouses, and were selling for 97-98% of their original list price. Although condo inventory in Barrie is still quite high, buyers and sellers have been experiencing positive negotiations.
Unfortunately, May did record a decrease in the average sale price for both condo apartments and condo townhouses month-over-month. I wouldn’t let this worry you too much as averages can be funny. After reviewing the median numbers, it was clear that the majority of May’s condo sales were in the more affordable price ranges and the higher-end condominium sector was rather slow.
That said, it is very exciting to report that condo units have been selling faster with average days on market hovering around 30 days. This tells me that sellers are listings their units at fair market value rather than pricing too high and going through multiple price reductions - great news!
I cannot stress enough the importance of a list price when a condo is hitting the market for the first time. Remember, the condo market is completely different than the freehold residential housing market. Make sure to get an in-depth condo market analysis done before listing and discuss how the housing market influences the condo sector.
There are currently a total of 121 condos on the market in Barrie Ontario; 82 condo apartments for sale and 28 condo townhouses. If you own a condo and are curious of its value, please reach out so we can discuss the best selling strategy for achieving your goals.
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*All stats are based on listings sold with the Barrie & District Association of Realtors