Condo sales in Barrie were down in June causing the average price for condo apartments to drop to $360,986, with a median of $274,000. Why such a gap between the average and median? There were a few higher end properties that sold which skewed the average price. Average days on market increased to 3 weeks and many sellers that were being unreasonable with their list price had to make a tough decision to either reduce their list price or take their unit off the market.
Sellers, there is now enough inventory on the market that buyers are able to be choosy. You are going to have a hard time selling for top price if you don’t have a well-planned marketing strategy, along with a properly staged unit with professional photos and video.
There was a small increase in the average price for condo townhouses last month but properties took much longer to sell than in previous months. Units are now sitting on the market for 2 weeks longer than back in May and inventory is up. This tells me that we will most likely see prices of condo townhouses level off or drop slightly over the summer.
Buyers, this summer is the perfect time to purchase. Multiple offers are becoming rare and with the increase in inventory there is now room to negotiate. That said, when you aren’t in competition with other buyers you can protect yourself by leaving your conditions in your offers.
The real estate market is influenced by many different economic factors; interest rates, unemployment and consumer spending to name a few, which in turn effects the supply and demand in any local market. The Barrie market was incredibly hot for 5 consecutive months so now it’s taking a seasonal rest. I do expect things to pick back up this fall.
There are currently 36 condo apartments for sale and 27 condo townhouses.
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