It's unbelievable what can happen in a 12 month period! We definitely saw more fluctuations in the condo apartment sector of the Barrie condo market in 2017 than we did for condo townhouses. Instead, condo townhouses experienced steady growth throughout the year. I would think the main cause was due to the wide range of prices condo apartments have compared to condo townhouses. The seasonality of condo sales along the waterfront could have also played a role in the peaks and valleys we saw for condo apartments.
This month I thought I'd look at where the market currently is and compare it to January 2017. These were my findings:
January 2017:
1. The average list price for a condo townhouse was $249,350.
2. The average list price for a condo apartment was $403,578.
3. Units were selling for 100% of their list price.
4. Units were selling within 48 hours of being listed with some going for more than the asking price. We were in a seller’s market.
Today's Market:
1. The average list price is currently $285,933 for condo townhouses.
2. The average list price for a condo apartment is currently $318,682.
3. Units are selling for 95% of their list price.
4. Average days on market for a condo townhouse is 43 days and condo apartments are currently taking 56 days, on average, to sell. We are in a more balanced market than we were this time last year.
I’m forecasting a healthy year for Barrie’s condo market but I think it will be very different from last year. Below are some points to consider for 2018.
1. Keep in mind that there is normally a 3 month lag when new rules have been implemented in the attempt to slow the economy. People tend to be skeptical and want to wait to see what happens.
2. If the winter continues to be as harsh as it’s been, people will hold off on their house hunt.
3. If you’re looking to sell this year, have your ducks in a row for March. It’s best to be one of the first on the market so that you can dictate your price rather than following suite.
4. We will have a more traditional pattern to the market this year; slow start, hot spring, slow summer, second boost in the fall then the market will taper off for the holidays.
Coming up with the right buying and selling strategy is absolutely crucial and should be of utmost importance in this market. Please reach out if you would like condo specific market advice!
There are currently 39 condo apartments available for sale in Barrie and 8 condo townhouses.
There's a difference between working with an agent and working with a CONDO AGENT. Make the right decision and WORK WITH AN EXPERT!
Would like stay up to date on the Barrie condo market? Subscribe to my monthly market report TODAY!
*All condominium statistics are from sales recorded on the Matrix System through the Barrie & District Association of REALTORS® Inc. (BDAR)
Have questions about the Barrie Condo Market? I would love to hear from you!!