According to a recent report byÂ Movoto Real Estate, the price for condos increased in October when compared to the same time a year ago. This increase, caused by a lack inventory, is good news for sellers. Nevertheless, while the current market favors sellers, month-over-month data indicates that more condos are coming on the market, which will adversely affect list prices.
In the past year, the median list price per square foot index for a condo increased from $200 to $222, or 11.4 percent. During the same 12 month period, inventory remained almost flat at about 29,200 units.
Nevertheless, inventory levels have remained flat or increased on a month-over-month basis since January. If this trend continues, buyers will have more purchasing power, as there will be more units for them to choose from and decreased competition.
Read the full report here.