September has arrived, kids are back to school and buyers are resuming their house hunt now that the summer holidays have come to a close. Although many were away over July and August, Barrie’s condo market did not slow down. 24 condo apartments sold in August and 12 condo townhouses with average days on market being only 2 weeks!!
We saw lots of growth this summer for condos in Barrie. Last month the average sale price for a condo townhouse was $270,217; up $55,000 from July, and sales for condo apartments averaged $329,973; a 23% increase from August of 2015 – WOW!!
What I thought were the most interesting figures when analyzing the condo market this month were the average days on market and the sale to list ratio, compared to last summer. These were my findings:
- Last summer the average days on market for a condo apartment was 42 days and 35 for a townhouse.
- Properties were selling for 98.4% of their list price.
- Average days on market is now a short 14 days and units are selling for 100.84% of their list price.
This shows me that the condo market has tightened substantially! Inventory is low, demand is high, units are selling in record time and for full asking price. We have officially moved away from a balanced market and are now in a Seller’s market.
Many are shocked at the growth we have seen in the condo market during the second and third quarters but I’m not surprised! As prices in the residential housing market continue to rise, many are turning to condos as they are the next best and affordable option. As long as inventory remains low and buyer demand is high, prices for condos will continue to increase through the final quarter of the year.
Inventory is currently sitting at 14 condo apartments available and 17 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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