5 months ago
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(NewsNation) — If the nationalist housing market is cool, the condo marketplace is crystal cold.
There were 72% much condo sellers than buyers successful August, marking the 5th consecutive period that fig has topped 70%, according to a new Redfin analysis.
That makes outpouring and summertime 2025 the strongest condo buyers' marketplace successful much than a decennary — speech from April 2020, erstwhile the pandemic concisely froze location income nationwide.
The mismatch betwixt condo proviso and request is acold steeper than successful different parts of the market. In August, determination were astir 30% much single-family sellers than buyers, and 38% much townhouse sellers than buyers, Redfin found.
Like the broader market, condos person been squeezed by precocious owe rates and near-record prices, but they're besides facing unsocial headwinds.
Rising HOA fees and higher security costs person made ownership little affordable, portion caller regulations successful states similar Florida and California person added complexity, Redfin noted.
Price maturation has besides stalled, causing much to question whether condos are a astute semipermanent investment.
Condo values are up conscionable 3% from outpouring 2022 to outpouring 2025, overmuch little than the ostentation complaint for that period, and capitalist purchases of U.S. condos dropped 13% year implicit twelvemonth successful the 2nd quarter, Redfin said.
Nationwide, the emblematic U.S. condo that sold successful August took 58 days to spell nether contract, the longest for that period successful 12 years. For sellers, it's been a headache, but for buyers, it's meant much bargaining power.
"Condo buyers tin negociate prices down and inquire sellers for concessions, and they person a batch of options to take from," Asad Khan, a elder economist astatine Redfin, said successful the report.
Slow condo income person pushed prices down slightly, but they haven’t plummeted: The emblematic condo sold for $350,000 successful August — down conscionable 1% twelvemonth implicit year, per Redfin.
Florida leads the condo cooldown
The unit connected condos is showing up astir intelligibly successful Florida, which has an outsized stock of the nation's supply.
The authorities has astir 1.5 cardinal condos, astir a 5th of each the nation’s condos, according to TD Economics.
Today, 5 of the 10 U.S. metro areas with the biggest surplus of condo sellers implicit buyers are successful the Sunshine State, Redfin found. In Miami, determination were 11,486 condo sellers and conscionable 3,270 buyers successful August. Tampa saw a 240% gap, with 5,183 sellers and 1,519 buyers.
"Condo sellers are successful a hard situation," Cecilia Cordova, a Miami Redfin Premier agent, said successful the report. "I’d accidental we person capable condo inventory for 2 years worthy of buyers."
Cordova said condo listings person been piling up ever since the 2021 Surfside gathering collapse, which killed 98 radical and reshaped Florida's condo landscape. Beyond information fears, the calamity prompted tougher inspection laws and reserve requirements, driving up HOA fees and security costs.
Natural catastrophe risks and a new operation boom person besides tipped the state's condo marketplace successful favour of buyers.
Texas is the different authorities showing a wide spread betwixt condo buyers and sellers, besides fueled successful portion by new construction. San Antonio and Austin some ranked adjacent the apical of Redfin's list, wherever condo sellers outnumber buyers by the largest margin.
Nationally, determination were astir 260,000 condo sellers and 150,000 buyers successful August, a 72% surplus, according to Redfin. The spread has narrowed somewhat from an April highest of 81%, partially due to the fact that immoderate would-be sellers person begun backing disconnected amid dilatory demand.
Redfin estimated the fig of buyers utilizing its proprietary information and MLS records connected progressive listings and pending sales. The estimated fig of sellers reflects progressive MLS listings.
