This year has been quite the year for condos in Barrie. Not only have condos been selling in record time but the growth has been extraordinary. Condo apartments have increased 35% from this time last year with a new average sale price of $317,379. Because inventory was low and demand shot right up, average days on market for condo apartments went from 52 days to only 24, over the last 12 months.
Condo townhouses have also experienced double digit growth since the 4th quarter of 2015; up 19%. The average sale price for a condo townhouse is currently $260,207.
Demand for condos in Barrie has remained high through November and December as buyers that were pre-approved before the October 17th mortgage rule changes were implemented, are rushing to purchase property before their pre-approvals expire. These changes have created an irregular short-term boost in the market that we normally wouldn’t see at this time of year. Well priced and presented condos are still selling within the first week of being on the market and historically the market tends to slow down by mid to end of November, as people start to focus on the holidays.
If you are thinking of selling in the New Year, my suggestion would be to list early. Why?
1) Supply is low so if you are one of the first to list you will have more control over your asking price. Many people wait until the spring but what may not realize is that if you wait and sell at the same time as everyone else, you will be in competition with more sellers. That said, you will have to price your condo in line with your neighbours to attract buyers to your home.
2) Demand could decrease come March as buyers pre-approvals under the old mortgage rules will have long expired and their purchases have to be closed by the end of February.
3) If Toronto has a market correction next year, Barrie’s market will be indirectly affected. A good chunk of buyers moving to Barrie are from the GTA so if a correction were to take place, demand will decrease causing prices to level off or possibly drop.
If you own a condo and are curious for what it might fetch in today’s market, please reach out so we can discuss the best selling strategy for achieving your goals. Inventory for condos in Barrie is currently sitting at 24 condo apartments available and 7 condo townhouses.
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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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