October was quiet a busy month for condominium sales in Barrie. More units were sold in October than September, which is a rarity. There were a total of 46 units sold which made for the best month in terms of condo units sold since April 2019.
The number of condo apartments that sold last month were relatively the same as previous months with an average sale price of $450,672 (median $415,000). The average days on market was 36 and units were selling for 97% of their original list price.
Sales tripled for condo townhouses in October compared to September where 17 units were sold, which is quite high for Barrie in a given month. The average sale price dropped slightly to $315,376 (median $315,000) but units were selling for 98% of their original sales price in an average of 26 days.
What influences prices in the Real Estate market?
1. Economic Growth – Demand for real estate is dependent on personal income. When incomes rise, people will increase their spending causing upward pressure on prices. The opposite happens in a recession; falling incomes will slow spending and prices will drop.
2. Interest Rates – When the cost of borrowing increases, monthly payments rise. Many, especially those on fixed incomes, will wait for rates to come down before locking into a mortgage. Also, higher rates make renting more attractive. When there is a decrease in demand, prices will adjust down accordingly.
3. Consumer Confidence – If people feel that the market is not doing too well, buyers may put their property search on hold causing prices will fall. Similarly, when consumer confidence in the market is up, prices will increase.
4. Supply – When there is a shortage in the supply of properties for sale, prices will rise. Too much seller competition will cause prices to fall.
Not only should buyers and sellers take these economic factors into consideration when entering the real estate market but it is important to think about micro-economic influences as well. Such as property location, conditional of the home, neighbourhood, age of property, time of year and the current local market conditions. Make sure you are working with a professional that can properly analyse the real estate market before committing. Pricing a condo or house is not as simple as just looking at recent solds and properties currently on the market for sale.
There are currently 82 condominium units for sale in Barrie right now; 65 condo apartments and 17 condo townhouses.
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*All stats are based on listings sold with the Barrie & District Association of Realtors.