The Barrie condominium market remains slow as we move through the summer months. Buyers are continuing to take their time while they wait to see if interest rates will come down further.
In June, there were 23 condominium apartments that sold in Barrie, which marked the slowest month for condo apartment sales since January. Although units were selling relatively close to the seller’s asking price — sale-to-list ratio was 98 per cent — there were less properties sold because demand was low.
The average sale price in June for this property type was $623,807. This figure was up quite a bit from May, but that was mainly because there were a handful of luxury units that sold, which pushed the average sale price up.
The condo-townhouse market saw another decrease in sales in June. Last month, there were six condo townhouses that sold in Barrie with an average sale price of $500,833, which is down slightly from May.
Although units were selling for 98 per cent of their asking price, the average days on market doubled compared to previous months, which shows that the demand for this sector of the market was not as high as it was earlier this year.
In the first half of 2024, there were 202 condos that sold in Barrie, with an average sale price of $529,998. These statistics were very similar to the first two quarters of 2023. This comes as no surprise as the market has not changed much over the past year.
There continues to be some uncertainty in the real estate market from both buyers and sellers and they are choosing to be cautious.
Condo inventory in Barrie continues to be high. If you are a buyer looking to time out the market, it may be advantageous to buy now while demand is still low and supply is high.
There are many properties that have been on the market for months and some of these sellers may be motivated to negotiate in order to get their property sold.
This opportunity could change if/when interest rates come down again.
If you are looking to sell, try to avoid chasing the market. Be competitive, have the right listing strategy in place and price competitively right from the start.
Unfortunately, due to the slower nature of this market, it is not one to ‘test out’ for a higher price for your property. Buyers are not making decisions quickly and if you are priced too high, you will be on the market longer and may not get any viewings booked.
The next announcement from the Bank of Canada is on July 24. If interest rates come down further, there could be some movement from those buyers waiting on the sidelines. If rates remain unchanged, the August market could be just as slow as June and July have been.
There are currently 199 condominiums for sale in Barrie, including 150 condo apartments, 33 condo townhouses and 16 leasehold condos. At the beginning of July 2023, there were 99 condos for sale in Barrie.
