“Sellers Win” Market

Low inventory creates upward pressure on values. The SELLER has the advantage.  Time (meaning one to three years) is on the side of the seller.

“Neutral” or Balanced Market

If inventory and demand are balanced, values are normally stable. Neither buyers nor sellers have an advantage.  This type of market tends to be brief, and is usually a transition from one type of market to another.

“Buyers Win” Market

High inventory creates downward pressure on values. The BUYER has the advantage.  Time (meaning one to three years) is on the side of the buyer.

As of this writing, the market is sharply divided.  There are not enough single family houses or town houses to meet buyer demand.  Multiple offers are common, especially in price ranges below $750,000.  The entire condo market, and the market for town homes priced at $1,000,000 and up are experiencing conditions that are exactly the opposite.  Buyers have more than enough to choose from, and values in many locations and price ranges have been declining.

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.

Most condo 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 see the two illustrations below, and refer to our section on how to sell your home fast. Many of today’s  condo buyers have a “wait and see” attitude, while buyers for single family homes are finding themselves in bidding wars, especially in price ranges below $750,000.

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.

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.