Barrie Condo Commentary - April 2023

Spring is here and with the warmer temperatures more buyers are actively looking at real estate in the Barrie area. Over the past couple weeks, appointments to view properties have increased and open houses have started to get busier. Now that Barrie is experiencing a more predictable balanced market, buyers are feeling more confident when submitting offers as there is now room to negotiate with the seller.  
 
In March there were a total of 37 condo apartments that sold in Barrie. The average sales price was up minimally from both January and February, and units were taking an average of 61 days to sell. The average sale price recorded last month was $516,330; down 20% from the same time last year, and units were selling for 98% of the original asking price.
 
Condo townhouse sales have been quite low ever since the price to purchase a freehold house has come down into a more affordable price bracket. It is normal to see buyers moving between the freehold and condo townhouse markets as the dwellings are similar in size but the gap on prices can vary depending on the strength of the market at that particular time.
 
Now that the gap between the two property types is much smaller, many buyers have shifted their search into the freehold real estate market. This is because the monthly carrying costs are relatively the same but more money would be put toward the mortgage rather than paying a smaller mortgage payment and a monthly condo fee. When the prices in the freehold sector begin to climb again, the demand for condo townhouses will probably increase again.
 
Last month there were only 7 condo townhouses that were sold in Barrie with an average sale price of $540,557, which was a 16% decrease from the same time last year. The average days on market to sell was 43 days and units were selling for 98% of the original asking price.
 
Overall, the Barrie condominium market has been quite balanced this year. Sellers are really thinking through their pricing strategy prior to listing and with the increase in inventory, buyers are able to take their time. The average sale price for the whole condo market in Q1-2023 was $491,911 which was 23% lower than Q1-2022. Although the average sale price has come down quite a bit from last year, it has almost offset the 36% increase we saw from Q1-2021 to Q1-2022. As one can see in the graph below, the average sale price for a condominium in Barrie is in pretty much the same spot as in 2021.


 
If you are looking to sell this spring, make sure to look closely at what is currently on the market. There is not much urgency from buyers right now so if you would like to sell within a couple months, it is important that your condo is priced competitively and presents like a model home.
 
If you are looking to purchase this spring, make sure you get pre-approved before starting your search so that you are looking well within your budget. When it comes to signing an offer, get as educated as possible on the various conditions that you can put in your offer to protect you as a buyer. The condo market is much different than the freehold market, so working with a full time Realtor who can educate you on the various condominiums in Barrie and what goes along with condo living is important.
 
There are currently a total of 97 condominiums for sale in Barrie; 80 condo apartments and 17 condo townhouses.

Would like to read more about:
10 Things to Check before buying a Condominium CLICK HERE
Pets in Condos CLICK HERE

FOR SALE - Rarely offered 2 bedroom and 2 bathroom condo; centrally located, in the sought after Jacobs Terrace Condominiums. This stunning unit is move-in ready. CLICK HERE

FOR SALE - Cozy 1 bedroom condo with walkout to private treed yard in Barrie's north end. CLICK HERE

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Thinking of making a move? We are a CONDO FOCUSED team that has served the local condo community for over 8 years and have over 18 years experience serving the condo industry. We would be honoured to have the opportunity to discuss how you can net the most money in this market. CALL TODAY to book your FREE CONDO EVALUATION :)

There's a difference between working with an agent and working with a CONDO AGENT. Make the right decision and WORK WITH AN EXPERT!
 
*All stats are based on listings sold with the Barrie & District Association of Realtors