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If you are currently living in a condo or looking to buy or sell a condo you should keep your
eye on what the condo market is doing. Staying informed can save you money and alert you to new trends in the condo market, helping
you make good choices when it comes to buying and selling condos.
For sellers, market conditions will determine the price you
will be able to get from a buyer for your condo and will also determine how long your condo will be sitting on the market. Sellers
should study the local market and price their condos near the going market rate to move their condos quickest.
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As you watch the condo market there are key indicators that you should keep your eyes on. Here are several of the market indicators that we follow at Condo.com to help us make informed decisions on the condo market.
Units on Market
While it is normal to have several months supply of condo inventory in a market, when there starts to be oversupply it might mean the market is slowing down or heading south.
Average Listing Price / Average Price per Sq Ft.
Watching these indicators will keep you up to date on what condos are selling for in you area and what you have to compete with if you choose to sell.
Average Time on Market
This indicator can provide insight into how fast condos are being sold in your market. If the time on market is increasing, your market may be slowing down. |