Condo Prices UP/Sales Down
You can see in the full report below that condo prices are up 2% from last September, but the number of sales have crashed as the number of condos for sale are back to pre-pandemic levels
Sales being down is to be expected with mortgage rates where they are and condos not being a "necessity" as a vacation property and second home for most
Why are prices holding firm then?
Well, inventory
Although we are in a transaction crash, we are still closing deals, and those buyers are still willing to pay the higher prices for a quality property
