As mentioned in my previous report, the summer months for real estate sales are traditionally slower than other seasons. Many people put their search on hold as they would rather head to the cottage, go camping or simply take some time away to soak in the sun.
The last two months have been the quietest real estate markets I have experienced in my real estate career. With inventory being so high and buyers on summer holidays, there was no surprise that we saw a decrease in prices.
The average sale price for condo apartments in Barrie dropped 12% from July to August and a total of 18% since June. The decrease in demand and continued high inventory for condos in Barrie put downward pressure on prices, causing the average sale price for a condo apartment to fall to $344,997 last month; median to $317,500. For those buyers who took advantage of this slow down, good for you as you definitely timed the market out right.
The condo townhouse market experienced steady growth for over a year up until July, where the average sale price dropped 13% in a given month. Fortunately this part of the real estate market in Barrie bounced back in August. Although properties were selling for 96% of their list price in an average of 42 days, the average sale price for condo townhouses increased 15% to $336,850.
There is chatter that interest rates may go up over the next couple of months. If that happens, there will be many buyers scrambling to purchase a home before their mortgage approval changes. This possible increase in demand should hopefully move some of Barrie’s lingering condo inventory.
This fall, expect to see healthy growth for the remainder of 2018. Barrie Condo Corner and The Hocking Homes Team have experienced an increase in calls from buyers over the past two weeks wanting to resume their search, and inquiries from new buyers looking to get started.
There are currently 114 condominium units for sale on the market right now; 73 condo apartments and 41 condo townhouses.
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*All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS® Inc. (BDAR