Redfin Report: Condo Sellers Outnumber Buyers by 123% in Widest Gap Since 2013
A new report from Redfin reveals a dramatic shift in the U.S. condominium market, with sellers outnumbering buyers by 123% in September. This represents the largest supply-demand gap recorded since 2013. While condo buyer numbers have plummeted to a 13-year low of approximately 88,460, seller inventory has continued to rise, creating an environment with significant negotiating power for buyers. The market imbalance is being driven by rising ownership costs, including increased insurance premiums and HOA fees, particularly in high-risk states like Florida and Texas. While the national median condo sale price fell 0.8% to $339,000, experts note that total monthly carrying costs remain a concern for first-time buyers due to potential special assessments and ongoing maintenance expenses.
Topics: buyer negotiating power condo market housing supply and demand real estate economics