High insurance costs and exorbitant homeowners association fees have potential condo buyers sitting on the sidelines, with sellers outnumbering buyers by just over 72 percent in August.
In an Oct. 6 report, online real estate platform Redfin said that nationwide, there were just under 260,000 condo sellers in August versus slightly more than 150,000 buyers—the fifth consecutive month that sellers outpaced buyers by more than 70 percent.
Outside of the pandemic, spring and summer of this year were the best periods for buyers in the past 12 years, Redfin added. Sales data were derived from active listings and closings on the Multiple Listing Service (MLS).
Asad Khan, senior economist at Redfin, said that in addition to having multiple options from which to choose, condo buyers are well-positioned to negotiate prices and ask for concessions—the nucleus of a “buyers’ market.”…