Homebuyers are seeking out more condos after a long period of disinterest exacerbated by the COVID-19 pandemic.
The “pandemic-fueled slump” in condo interest appears to be coming to an end with “renewed homebuyer competition,” Redfin reports, with an increasing number of condos selling for more than their listed price.
Condos have sold below asking price for years, Redfin’s data show, but a relatively steady upward trend since around 2012 dropped in 2019 and appears to have been kept depressed over the past year and a half, coinciding with the SARS-Cov-2 crisis.
June was only the second time condos have sold above asking price since at least 2012, the brokerage company said; May was the first.