After an incredible six months of record high sales in Barrie, we have started to see the first signs of the condo market slowing. The average days on market to sell a condo apartment in Barrie has begun to increase and most units are no longer selling for over their list price. When submitting an offer, many buyers are back in a negotiating position with sellers which is a nice break from the ongoing bidding wars buyers have been faced with for most of 2021. Because of this shift, sellers should be very careful and choose their listing strategy wisely if they are intending on putting their condo up for sale.
Last month there were a total of 31 condominium apartments that sold in Barrie. The number of units sold in a given month has dropped since May and the average days on market has grown. These were the first signs of a slowing market. The average sale price in June was $566,520 (median $502,000) and units were selling for an average of 100% of their original list price.
On the other hand, the condo townhouse sector is still on fire! Most units are still selling for well over the asking price and the average days on market has remained unchanged from the spring market. There were 21 units sold in June with an average sale price of $466,571 (median $450,000) and properties were selling for 108% of their original list price, on average.
There are multiple reasons why the condo townhouse market would be more desirable than a condo apartment. This would include:
- larger property
- multi-level separation
- more outdoor space including a backyard
- many have private garages
- private driveways
- lower maintenance fees
- very pet friendly
- cheaper in terms of price per square foot
When the freehold residential housing market in Barrie exploded last year, many buyers turned to condo townhouses as they were more affordable and still offered the end-user room to grow.
If you would like to read more about a half year comparison for 2020 vs. 2021, please check back as it will be posted by the beginning of next week :)
There are currently 39 condominiums for sale in Barrie, Ontario; 27 condo apartments and 11 condo townhouses.
Would like to read more about:
What is condo living all about? CLICK HERE
Half Year Review – 2020 vs. 2021 CLICK HERE
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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.
*All stats are based on listings sold with the Barrie & District Association of Realtors