“Sellers Win” Market

Low inventory creates upward pressure on values. The SELLER has the advantage.

“Neutral” or Balanced Market

If inventory and demand are balanced, values are normally stable. Neither buyers nor sellers have an advantage.

“Buyers Win” Market

High inventory creates downward pressure on values. The BUYER has the advantage.

Condition and price are both much more of a factor in the new market than they were in the old market.  (See the graph below.) Many of today’s buyer’s have a “wait and see” attitude.  The buyer frenzy of the old market is over.  More and more sellers are reducing their asking prices while values in most neighborhoods are either flat or going up much more slowly than they were in the old market.

Affordability in our area is suffering with high property taxes and insurance.  The condo market has more variables to consider than the market for single family houses. Oceanfront locations, 55+ complexes, assessments, reserves, litigation and other factors can create unique markets for individual complexes.

More sellers are pricing themselves “out of the market”.  Their properties are listed for sale, but at a price that causes the property to sit instead of causing it to sell. For additional information, please refer to our section on How to Sell Your Home Fast. 

It should be noted that the large difference between the average asking price and the average sale price is due to the extremely large number of unsold properties in the higher price ranges.

It should be noted that the large difference between the average asking price and the average sale price is due to the extremely large number of unsold properties in the higher price ranges.