Barrie Condo Commentary - May 2022

By: Ashley Lamb - Barrie Condominium Expert

Barrie Condo Commentary - May 2022

Tags: Barrie Condos, Barrie Real Estate, Market Report, Condo Inventory, Slowing Market, Average Sale Prices, Freehold Residential Housing Market, Condo Expert

The Barrie condo market continued to hold relatively strong throughout the month of April, even though we started to see the first signs of the real estate market slowing down in mid-March.
 
In April, there were a total of 28 condo apartments sold in Barrie with an average sale price of $639,344. Although the average sales price was down a bit from the previous month, units were still selling within a reasonable amount of time and many for over the original asking price.
 
Condo townhouses continue to be a hot commodity in Barrie. Last month there were a total of 19 units that sold with an average sale price of $683,340; up 6% from March. With the freehold residential housing market still out of reach for many, buyers were still turning to condo townhouses as they would still have access to a backyard and private driveway/garage. This heightened demand created multiple bids in this sector of the market causing units to sell for 107% of the original asking price.
 
Since the beginning of May, the real estate market has slowed quite a bit. Mother Nature finally graced us with some nice weather which has caused many buyers to put their property search on hold so they can enjoy the sunshine and outdoors. At the same time, many sellers listed their condos for sale creating more competition in the marketplace. The combination of reduced buyer interest and the rise in supply has caused properties to sit on the market longer than previous months.
 
If no other condo were to hit the market in Barrie, it would take 1.45 months to sell all the current condo inventory. To put it into perspective, look at the condo inventory during these previous snapshots in time:
- Fall of 2021 Barrie only had 1 month of inventory on the market.
- April 2020; at the beginning of the pandemic, Barrie had 1.6 months of inventory on the market.
- In 2018 when the market was very slow after the 2017 boom, Barrie had over 3.5 months of inventory on the market at a given time.
 
Now that Barrie is becoming closer to a more balanced market, it would be wise for sellers to think through all angles of their listing strategy and the presentation of their home before going to market. Competition has increased, giving buyers more options to choose from. Now is a much better time for buyers as they can finally take their time when making a decision and negotiate with sellers, rather than bidding up against other buyers.
 
If you are looking to sell, it is important to choose to work with a Realtor that understands the condo market because the trends are very different than in the residential freehold housing market.
 
There are currently 63 condominiums for sale in Barrie, Ontario; 45 condo apartments and 18 condo townhouses.

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