We are halfway through the summer and the Barrie condo market is as hot as ever. 23 condo apartments sold last month and 11 condo townhouses with average days on market being a short 3 weeks!! Who said that condos are not in a high demand in Barrie?!
In July the average sale price for a condo townhouse was $216,644 which is still very affordable for a two level property, many with built-in garages. Sales for condo apartments averaged $307,238; a 38% increase from last summer and a 6% increase from June.
This month I thought I would share 5 personal experiences my clients and I have encountered this summer:
1) Sellers, if your unit is priced right, shows like a model condo and has the right marketing plan, you could sell within 24hrs of being listed. Buyers, if you don’t go and see units the day they hit the market, you risk the chance of losing out.
2) Because of the shortage in inventory and high demand, many condos are selling for over list price.
3) There is a huge shortage of 2 bedroom waterfront condos. I have quite the list of buyers looking to purchase in the Nautica Condos (33 & 37 Ellen Street), Grand Harbour Condos (2 Toronto Street) and Water View Condos (6 Toronto Street). Why are these buildings in such a high demand? People love the location; steps to downtown and gorgeous water views, and the units are open concept with most being turnkey ready.
4) The prices in the Manhattan Condos have jumped considerably over the last 3 months. Many owners on the east side of Ferndale were concerned about the effect the new phase was going to have on prices after the buildings got registered. Not only did the increase in supply not cause prices to decrease, they didn’t even level off. The growth in the area has actually attracted more buyers with the increased exposure of the complex.
5) Most people that reach out to me are looking to purchase in the north end but recently there has been an increased interest in south end condos.
If inventory stays as low as it has been and demand high, I expect the Barrie condo market to remain strong throughout the rest of the summer and into the fall.
Inventory is currently sitting at only 19 condo apartments available and 9 condo townhouses. If you own a condo and are curious for what it might fetch in today’s market, please reach out as you might get WAY more than you think!
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!!
[email protected] or 705-816-LAMB (5262)
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