Condo October market report: median price inches up, inventory still high
We were surprised to see the median price inching up given that it feels like no one is buying condos now. Though dollars per square foot did decline.
We have to turn to the months of supply (how long it’d take to sell all the condos for sale) to see that we’re not crazy, it is hard to sell a condo now, though not as hard as 2008 to 2012. Hopefully with a vaccine now on the horizon, offices will firm up plans to re-open and people will feel more comfortable to committing to buying versus renting or living in a multi-family building versus a single-family.
For all the condo sellers, hopefully you find a buyer in November and December as new listings slows and inventory declines.
I was encouraged to see 250 people go under contract on condos last month.