1st, 2nd, 3rd Quarters of 2020 - Summary

By: Ashley Lamb - Barrie Condominium Expert

1st, 2nd, 3rd Quarters of 2020 - Summary

Tags: Barrie Condo Market, Condominiums in Barrie, Barrie Real Estate, Average Sale Prices, Lockdown, first second third quarters 2020, virtual showings, demand, supply

Barrie Condo Market Holds Strong Despite World Pandemic – 2020 at a Glance
 
The first quarter of 2020 was off to a good start. There was a good amount of inventory for sale, buyer demand was up and properties were selling for near list price.
 
1st Quarter Statistics:
Total Number of Condo Units Sold – 117
Average Sale Price – $382,849
Median Sale Price – $367,000
Average Days on Market – 54
Units were selling for 99% of their list price

 
When the economy moved into lockdown in the second quarter, both sellers and buyers caused a market ‘pause’. Not only were people concerned about leaving their homes or having people view theirs, but there was so much market and job uncertainty. Most were just sitting tight to see what was to come.  
 
2nd Quarter Statistics:
Total Number of Condo Units sold – 83
Average Sale Price – $380,485
Median Sale Price – $350,000
Average Days on Market – 46
Units were selling for 98% of their list price

 
There was not much of a change in the average or median sale prices from Q1 and Q2 as both supply and demand decreased simultaneously. That said, why were properties selling faster? Well, virtual showings and open houses played a large role in helping people buy and sell real estate in April and May while the economy was still in lockdown. Many were able to view properties in the comfort of their own home and some even made decisions without booking a physical appointment.
 
3rd Quarter Statistics:
Total Number of Condo Units sold – 175
Average Sale Price – $413,905
Median Sale Price – $387,900
Average Days on Market – 34
Units were selling for 99% of their list price

 
Once the economy started to re-open, the condominium market in Barrie exploded. The pent-up demand during the second quarter along with the historical low interest rates, created the perfect storm. Prices jumped as properties were selling with multiple bids in record time; the supply of inventory just could not keep up with consumer demand, leaving many buyers frustrated and disappointed as they lost out of their perfect home.
 
It will be interesting to see what happens in the final quarter of 2020. How will a second wave affect the Barrie condo market? Will the market slow down like it did in April or do we have the systems in place to keep the real estate market rolling? Will we see the regular holiday season/winter slow down? I guess we will find out soon enough.

Would like to read more about:
BARRIE CONDO MARKET REPORT - October 2020. CLICK HERE

10 Things to Check Before Buying a Condo. CLICK HERE

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*All stats are based on listings sold with the Barrie & District Association of Realtors.