With fewer end users in the market to purchase a condo and of course far fewer investors looking to purchase with today’s interest rates, the condo space has seen a record 11,079 condo units for sale, note this is the highest number of units for any month of year so far.
Personally, I have experienced condo Sellers that are motivated, knowledgeable and aware of the market conditions they are working within, in which case, my clients have been on the receiving end of a deal. But, it goes without saying, many Sellers have not been educated on the sheer volume of units they are up against.
It does make you wonder why then, haven’t prices dropped more significantly? I know many of my clients have out right asked me, why this isn’t apparent in the listing price? There could be several reasons for this, starting with the hope that interest in the condo space will improve as interest rates decrease all the way to optimistic Sellers, not quite ready to lose out on what they consider to be a good deal.