Barrie had a very strong first quarter of the year, in both the residential housing and condo markets. The average sale price for a condo in Barrie for the month of March was $246,735, a slight increase from February but a whopping 20% hike from this time last year!!
In March there were 41 condo apartments sold and 12 condo townhouses sold with average days on market being 41, 10 more days than in February.
Why have days on market for condos increased over the last month?
1) Many sellers are asking unrealistic prices for their units causing their home to linger as they go through at least one price reduction before selling.
2) There has been an increase in competition with many identical layouts being for sale at a given time. This has made it difficult for owners to sell in good time as it’s challenging to set themselves apart from their neighbours; there are limited ways to make a condo unique.
3) There may be too many vacant or unstaged units sitting on the market. Many buyers find it hard to visualize space, especially in smaller units. It is important to have the right furniture, neutral walls and good lighting when listing.
Not analyze the market properly and coming up with the wrong listing strategy are two of the main reasons why average days on market has increased and average sales price went up less than 1% from a month ago. If you don’t have the right plan in place it could cost you thousands of dollars!!
Inventory is currently sitting at 39 condo apartments and 13 condo townhouses in Barrie. I have noticed that there has been a shortage of waterfront condos on the market so far this year. I wonder if there will be more water view units coming available as Kempenfelt Bay becomes busier.
There's a difference between working with an agent and working with a CONDO AGENT. Make the right decision and work with an expert!
Know of anyone looking to buy, sell or invest in a condominium? Please let me know, I love referrals!!
firstname.lastname@example.org or 705-816-LAMB (5262)