Condominium sales in Barrie have increased as we move through the spring real estate market.
In May, there were 50 condos that sold, which was the highest number of condo sales recorded in a given month so far in a year.
Last month, there were 35 condo-apartments that sold in Barrie, with an average sale price of $534,976. These units took an average of 37 days to sell and the sale-to-list ratio was recorded as 99 per cent.
Although there has not been much change in the average sale price during the first two quarters of the year, condo-apartments were taking less time to sell.
To compare, in January the average sale price was $511,344 and the average days on market was 68.
Throughout 2024, most condo-townhouses have been selling within a month of being listed. The demand for this condo type has been consistent which has made it easier for sellers to plan their move.
That said, there has been some unpredictability in this sector of the market. Since January, the average sale price for a condo-townhouse went up and down with each passing month. In May, the average sale price was $514,187; April was $569,286; March $511,267; February was $530,000, and January was $494,833.
These fluctuations have made it more challenging for sellers to select a list price as well as a listing strategy.
Things to consider when buying in a slower, more balanced real estate market:
- View as many properties as possible before making a decision. There are a large variety of condo units for sale in Barrie right now in various condominium complexes. Get a feel for each community and make sure the lifestyle is a good fit.
- When you are ready to put in an offer, make sure to add conditions that protect your best interest. Purchasing real estate is one most expensive purchases you will ever make, so make sure to cover all your bases.
- Choose a Realtor wisely. Not all agents know what each condo complex has to offer and how they differ from other buildings. There are some great opportunities for buyers to take advantage of in the current Barrie condo market.
Things to consider when selling in a slower, more balanced real estate market:
- Be one step ahead of your competition. If you are serious about selling, it is important to price against your competitors as though they are preparing to reduce their asking price.
- Do everything you can to make your condo unit stand out. Painting, staging and decluttering can be a lot of work, but remember, you only have one chance to make a great first impression.
- Interview multiple Realtors. The condominium market in Barrie is quite different from the freehold housing market, so it would be wise to choose to work with a local agent who understands condo living and the unique trends in the condo market.
There are currently 195 condominiums for sale in Barrie, including 147 condo-apartments, 33 condo-townhouses and 15 leasehold condos.
