U.S. Condo Sellers Outnumber Buyers by More than Two to One

Condominium sellers in the United States outnumbered buyers by more than two to one in September, giving prospective purchasers their strongest negotiating position in more than a decade, according to Redfin data.

A growing surplus of condominium listings over prospective buyers is giving US homebuyers greater negotiating power as ownership costs continue to rise.

There were an estimated 123% more condo sellers than buyers nationwide, the widest gap in records dating back to 2013, Claire Boston reported for Yahoo Finance, citing Redfin data.

The imbalance widened from 95.5% a year earlier, reflecting a combination of rising listings and weaker buyer demand.

The market has become increasingly difficult for condo sellers as prospective purchasers weigh the full cost of ownership.

Higher homeowners association fees, special assessments and insurance premiums have made many units more expensive to maintain.

Higher mortgage rates have also weighed on demand, particularly among first-time buyers, who often turn to condominiums as a more affordable entry point into the housing market but may have less financial flexibility.

The growing surplus of sellers has begun to put downward pressure on prices, although the decline remains modest.

The national median condominium sale price fell 0.8% year over year in September to approximately $339,000, according to Redfin.

The imbalance is also visible in the broader housing market, although it is less pronounced for single-family homes. Sellers of those properties outnumbered buyers by approximately 53.7% in September.

The figures suggest that condominium buyers have more options and greater room to negotiate than they have had in years.

However, lower purchase prices do not necessarily translate into lower overall ownership costs. Prospective buyers still need to account for association fees, insurance expenses and potential assessments for major repairs or building improvements.