Condos and Townhomes:

Median price per square foot is $183. For buyers, this means owning a condo or townhome hasn’t been this affordable since December 2021. For sellers, it means high inventory and stunted demand continues to pull the sales price down. 

Days on Market:

The average days on market has remained mostly flat the last 3 months with properties remaining on the market for 125 days. In the last 12 months, days on market has fluctuated between 133 days and 119 days. This closely matches 2019 which saw average days on market between 136 and and 124. When I say the market is normalizing…. This is what I mean. The pandemic craziness with sub 3% interest rates caused days on market to be between 90-100 days. If your home hasn’t sold in two months, listen to your agent and don’t panic. If your home hasn’t sold in any particular timeframe… my advice remains the same: listen to your agent and don’t panic. 

Upcoming market outlook:

There’s two big market forces at work: 

1- Supply: we have more supply of properties on the market since covid and I anticipate those numbers to go up a little in the fall and in the winter. 

2- Interest rates: the Federal Reserve has indicated lower interest rates in the near future. Combined with this indication is the President will almost certainly replace the Fed Chairman in May 2026. Lower interest rates typically increase demand. 

Which market force will win? In the short term, I think now is a fantastic time to buy while you have more choices and sellers are negotiable. When interest rates lower, I think demand will consume the inventory and sellers will once again have the upper hand. 

If you’re curious about your situation and would like our input, please don’t hesitate to reach out to us. We’d love to learn more about your circumstances and your goals and see how we can best help.