Barrie’s condo market continues to hold strong! The average sale price for a condo in Barrie for the month of April was $238,943; a $30,000 jump in a short four months. Units priced at market value are selling for 98.81% of their list price and some units are even receiving multiple offers.
There has not been much of a change in average price from the beginning of the year but we have seen the market tightening where average days on market for a condo is currently 33 days, a HUGE decrease from the 50 day average we were experiencing in April of last year.
Is the condo market in Barrie balanced? Or are we experiencing a buyer’s market or seller’s market?
A market is in a balanced state, or in equilibrium, when it takes an average of 3-6 months to sell where neither the buyer nor seller is favoured. Although most buyers and sellers are in a negotiating position when buying/selling a condo in Barrie, the market is currently favouring sellers; just like the residential housing sector. When a city is moving from a balanced market into a buyer’s or seller’s market, the first number that will get noticed is the average days on market then the change in price will follow shortly after.
Going from a balanced market to a buyer’s market, average days on market will increase, there won’t be enough demand to satisfy the demand and prices will decrease accordingly. Alternatively, when going from a balanced market to a seller’s market, average days on market will tighten where there won’t be enough supply to satisfy the demand causing prices to go up. What does this mean? If inventory remains low and units continue to sell in record time, expect condo prices to start climbing.
In April there were a total of 33 condo apartments sold and 7 condo townhouses sold with inventory currently sitting at 30 condo apartments available and 16 condo townhouses.
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