The Barrie condo market was quite steady over the summer.
The number of condo units that sold has been consistent and the market has been relatively predictable.
In August, there were 25 condo apartments that sold in Barrie. These units took an average of 48 days to sell and the average sale price was $572,369 — which was down three per cent from July.
Although it took longer for these condos to sell compared to July, the total number of units that sold was the highest recorded in a given month since May of this year.
The condo-townhouse sector in Barrie did not see a change in the average sale price month-over-month in August, but the average days on market to sell has increased. It took an average of 43 days to sell a condo townhouse in Barrie last month and only six units sold, which shows that it was a slower month for this property type.
That said, this is not out of the norm and, in fact, is quite typical for an August real estate market. During the summer months, many buyers and sellers tend to travel and take time to be outdoors causing property sales to decline or level off.
Over the past two summers, the Barrie condominium market followed a more traditional trend — compared to the pandemic years, and was quite slow.
Months of inventory has gone down slightly from last month, but there is still over six months of condo inventory on the market in Barrie.
The reduction in interest rates will eventually help with this surplus in properties for sale, but it will take time. Sellers should continue to price competitively if they are looking to sell.
Buyers are taking their time and are not making decisions quietly, so it is best for sellers to remain patient and look at all angles of the market when determining a list price and marketing strategy.
The September market, so far, has been unusually slow. But there is a chance that the market could pick up a bit after as the weather cools.
Keep in mind that when the Bank of Canada announces a change to their policy rate, there is normally a three-month lag before we really see the market respond to the change.
There have been three rate cuts since June, but it does not seem to be enough to urge buyers to make a decision. We might not see sales increase until buyers are confident that interest rates are not going to decrease any further.
The next announcement from the Bank of Canada will be on Oct. 24, 2024.
There are 226 condominiums for sale in Barrie, including 162 condo apartments, 44 condo townhouses and 20 leasehold condos.
