The Barrie condo market was quite the mixed bag during the first three quarters of 2020. First the market was quite normal where sales were climbing as we pushed through the winter market. We were then faced with our very first ‘market pause’ where buyer and seller uncertainty flooded the market. Lastly, we were forced to change our ways overnight where the new norm was bidding wars creating record high pricing. It has been a complicated nine months for real estate, to say the least.
There were a total of 59 condo units sold in Barrie in the month of September. The number of units sold was higher than the previous two months but demand was no longer putting upward pressure on prices like it was when the economy first reopened. Some condominiums were selling for as high as 104% of their original list price while others for as low as 90%. Where sellers landed depended on their current competition, pricing strategy and the marketing of their home.
In September there were a total of 43 condo apartments that sold in Barrie that were selling in an average of 33 days with an average sale price of $422,386 (median $397,000), which was a 5.6% decrease since August.
In the condo townhouse sector of the market, there were a total of 16 units that sold last month in an average of 34 days. The average sale price was $367, 494 (median $365,950), which was a 2.6% decrease from the previous month.
The real estate market is heading into a slower time of year so expect condo sales in Barrie to slow. This does not mean that we will see prices drop, it could simply mean that we will see fewer listings hit the market, less multiple bids and average days on market could increase. This could cause the condo market to potentially come closer to equilibrium or a balanced market.
There are currently 65 condominium units for sale in Barrie; 47 condo apartments and 18 condo townhouses.
Would like to read more about:
1st, 2nd, 3rd Quarters of 2020 - Summary CLICK HERE
Don't Fear the Condo Fee CLICK HERE
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*All stats are based on listings sold with the Barrie & District Association of Realtors.