January Condo Market ReportPosted by Stuart Neal on
If inventory levels stay lower in 2023, sales values will lift.
Condo buyers have pushed hard and negotiated solid discounts in January 2023. Average sales prices for 2023 was around $205,000 compared to around $220,000 in 2022 and around $217,000 in 2021.
January 2022 was an extraordinary year and sales volume for January 2023 was about 7% down. However, it matched 2021. I do not think there is cause for concern.
For many home buyers condos make the most sense.
Days on Market
Condos sold in only 68 days on average in January 2023 compared to 75 days in January 2022. In my opinion, this confirms the underlying confidence that buyers have in condo product.
There is still…
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