CONDO REPORT: Summer market followed ‘traditional’ trends

“The average days in the market for a condo sale grew, prices fell, and sellers had to adjust their expectations as the market continued to move into a more balanced state,” says the columnist

Summer is traditionally one of the quieter seasons for real estate. Many buyers and sellers travel and take time out to be outdoors during the warmer months, causing property sales to fall or level off.

During the pandemic, the market was much less predictable as market conditions were impacted by lockdowns and the reopening of the economy, but this summer the Barrie condominium market followed a more traditional trend.

In recent months, many buyers have put their search on hold to see how the market would react to the various rate hikes that have played a large part in cooling the market.

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During July and August, the average days for a condo sale lengthened, prices fell and sellers had to adjust their expectations as the market moved further into a more balanced state.

In August, the average selling price for a condo in Barrie was $533,691. This was a 17 percent drop in the average selling price since that market sector peaked in March 2022.

Although condos remain in high demand among first-time buyers and downsizers, sales have declined and many buyers have decided to wait and see if the market will continue to fall. This lack of urgency on the part of buyers has resulted in average days on the market increasing, forcing some sellers to adjust their listing prices to attract buyers and sell in a timely manner.

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The townhouse condominium market recorded its biggest decline ever in August. The average selling price is down 28 percent since this sector peaked in April 2022, posting a new low of $494,500. This was the first time since October 2021 that the median selling price for condos fell below $500,000. Just like the condominium market, minimal dates are booked for listings, which has resulted in properties taking longer to sell.

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If you’re thinking of selling this fall, make sure you interview multiple teams/brokers. No two real estate agents run their business the same way. You should ask what is included in their services and make sure they are suitable for you. Barrie is in a changing market and sellers only have one opportunity to make a good first impression.

If you’re thinking of buying this fall, make sure you understand what’s involved in buying a condo. Buying a condo is very different than buying a home and each condominium complex is operated differently.

There are currently 84 condos for sale in Barrie, including 58 condos and 26 townhouse condos.

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