BARRIE CONDO MARKET REBOUNDS AFTER ECONOMY STARTS TO RE-OPEN
After a slow start to the second quarter of 2020 due to COVID19, the Barrie condo market has started to bounce back as we move through the re-opening of the economy.
May showed growth in the real estate sector where the total number of condominium units sold in Barrie in the month of May almost doubled in April. The average days on market remained relatively the same from April to May but started to drop as the Barrie entered June. The sale-to-list ratio has gone up, which means that negotiations have become tighter and properties have been selling closer to their asking price. These are both very good signs of a healthy real estate market ahead.
In the month of May the average sale price for a condo apartment was $362,753 and it took an average of 42 days to sell. Condo townhouses were selling in an average of 21 days and the average sale price was $339,933.
As the economy has started to slowly re-open, consumer confidence has begun to rise. Buyers are becoming more comfortable and many are now requesting to physically view properties. Well staged and competitively priced condos have been selling rather quickly this June; especially condominiums listed under $400,000, with some units selling in multiple offers.
In the first two weeks of June there were almost as many condo units sold in Barrie as there was for the entire month of May. The average sale price for a condo apartment has already increased by 5% since May and the average days on market has already dropped to an average of 25 days. The condo market has started to pick up and we are expecting the ‘hot’ spring market to continue through the summer.
Year-over-year for the month of May:
There were half the number of condos sold in May 2020 compared to May 2019. That said, we have seen an 11% increase in the average sale price for condo townhouses compared to this time last year and a 0.14% increase in condo apartments. Although we have been going through a pandemic for over three months now, the Barrie condo market has seen growth since this time last year.
There are currently 67 condominium units for sale in Barrie; 54 condo apartments and 13 condo townhouses. Last June there were a total of 121 condominiums for sale in Barrie.
*All stats are based on listings sold with the Barrie & District Association of Realtors
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