US Condo Market Sees Record Gap Between Sellers and Buyers, Prices Modestly Decline
The U.S. condominium market is experiencing a significant imbalance, with more than two condo sellers for every one buyer, according to Redfin data. This represents the largest gap recorded in 13 years, with sellers outnumbering buyers by 123% as of September, an increase from 95.5% a year ago. This disparity is attributed to several factors, including rising Homeowners Association (HOA) fees, special assessments, and increasing insurance bills, which contribute to higher long-term ownership costs. Additionally, elevated mortgage rates are impacting affordability, particularly for first-time homebuyers who often target condos. While the imbalance is substantial, the median condo price nationwide saw only a modest decline of 0.8% in September from the previous year, settling at $339,000. In comparison, the single-family home market also has more sellers than buyers, but the margin is considerably smaller at 54%.
