Barrie’s condo market hasn’t experienced the same drop in prices like the residential freehold market has over this summer. Instead they have leveled off. The average sales price for condo apartments in July was $363,848 and $279,742 for condo townhouses, only a few thousand difference from June.
Although we haven’t seen any major change in prices, condos are now taking an average of 4 weeks to sell and there has been an increase in condos listed for sale. These are the first signs of a market slowing down. If we are going to see a decrease in condo prices in Barrie, August will be the month it will happen.
Why hasn’t the condo market dipped like the housing market has?
1) Affordability. Condos are one of the most affordable types of properties you can own and they target a broader range of potential buyers.
2) The condo market is less seasonal. The ups and downs that the condo market goes through isn’t as extreme because end users don’t need to buy and sell around the school year, curb appeal isn’t a concern and condos are normally in areas that are ‘happening’ all year round.
3) Location & Lifestyle. Most condos are in locations that are close to city amenities and on major bus routes. Many people are attracted to condos because of the low maintenance, turnkey lifestyle that they offer.
Although we haven’t seen any major drop in prices for Barrie condos, the condo market has definitely slowed down. Units are now selling for 99% of their list price; as oppose to 105% that we were experiencing back in the spring, on properties that are priced at market value. Properties that are overpriced are sitting on the market with some going through price reductions.
Seller’s need to adjust their expectations. We are no longer in the market where you can ask crazy prices and sell for asking, if not more, in less than a week. You need to get expert advice and guidance if you are looking to net the most money possible when selling your condo. I can’t stress enough the importance of professional photos and video. This will be the deciding factor if potential buyers will come and view your home or not. Did you know that 86% of all buyers start their search online? If you do not have professionals helping you with your sale, you risk losing thousands of dollars.
There are currently 47 condo apartments for sale and 35 condo townhouses.
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