There is no doubt that the Barrie condominium market has flourished this year. Not only have premium locations like Barrie’s downtown and waterfront locations recorded new highs in terms of sale prices but so have other locations in and around Barrie.
There have been many condo units with unobstructed water views of Kempenfelt Bay selling for over a million dollars in recent months, creating a new benchmark for the larger units with premium views along the water. Other complexes like The Gallery Condominiums and The Manhattan Condominiums have set new record prices in their communities where many 3 bedrooms have sold for well over $600,000 and 1 bedrooms have started to approach half a million dollars.
The well-known Timberwalk Condominium Community has become more popular among first-time buyers or growing families because of affordability. This increased demand has put upward pressure on prices in the complex making an entry level 2-bedroom condo unit to start around $350,000 and the asking price for a 3-bedroom condo unit to be north of $400,000.
Condo Apartments Statistics for Barrie in May
- There were 42 units sold
- The average sale price was $521,466
- The median price was $477,450
- It took an average of 17 days for units to sell
- Unit were selling for 103% of the original list price
Condo Townhouse Statistics for Barrie in May
- There were 17 units sold
- The average sale price was $460,941
- The median price was $456,000
- It took an average of 16 days for units to sell
- Unit were selling for 108% of the original list price
In the first two week of June, the average days on market to sell a condo apartment grew to 38 days and 21 days for a condo townhouse. This is the first sign that the market could be starting to slow. When properties start taking longer to sell, it shows that buyer interest has decreased causing the real estate market to move towards a more balanced market.
There is a combination of factors that could influence a potential slowdown of the real estate market.
1. The implementation of the new stress test rules for mortgage qualifications that went into effect June 1st, 2021.
2. The beginning of the reopening of the economy.
3. Buyer exhaustion from bidding wars and competition.
4. People preparing for the end of the school year and summer holidays.
If you are looking to purchase, this summer might be the perfect time. But be aware that if we experience a slower summer market, things could pick back up this fall creating a more traditional last two quarters of 2021 for the real estate industry.
There are currently 36 condominiums for sale in Barrie Ontario; 29 condo apartments and 7 condo townhouses.
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*All stats are based on listings sold with the Barrie & District Association of Realtors