Barrie Condo Report – March 2016
In the month of February there were a total of 29 condos sold in Barrie; 18 condo apartments and 11 condo townhouses. The average sale price was $245,945 – a 12.9% increase in average price from last month and a year ago. So what has caused this upward pressure on prices in the condo market? The number of condos available at a given time has remained unchanged from last month but demand has increased. As prices in the housing market continue to rise people will start considering investing in a condo as it is a more affordable option.
Condos in Barrie are currently selling for 98% of their asking price. What does this mean? If you are priced right you will sell!! The worst thing you can do in any market is price too high. I appreciate that sellers want the highest price possible but a property is only worth what a buyer is willing to pay. Keep in mind that the most serious buyers will walk through your home in the first 10 days of list. If you start too high, buyers won’t be attracted to your unit causing you to sit on the market for longer and forcing you to possibly go through a series of price reductions. Your property will then be known as a ‘stale listing’ and you will probably sell for a lower price than you would have if you just listed correctly from the beginning. Not analyzing the market properly and having the wrong listing strategy could cost you thousands of dollars.
Average days on market for a condo in Barrie is currently 31, which is only 12 days longer than the residential housing sector. If inventory of well priced well staged condos remains the same, I could see this number tightening up as we move into the spring market.
There are currently 41 condo apartments and 15 condo townhouses available in Barrie. It will be interesting to see where the condo market goes as we move into the spring.
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Know of anyone looking to buy, sell or invest in a condominium? Please let me know, I love referrals!!
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