Competition for condos is growing fierce, as most are selling above list price and in a record 22 days, according to a Redfin analysis of nationwide MLS data and public county records. Additionally, existing condo and co-op sales in June surged nearly 57% year over year, the National Association of REALTORS® reported Thursday. Nearly 42% of condos sold above their asking price—more than double the rate a year earlier, according to NAR data. The median existing condo price was $311,600.
“Many buyers who have been priced out of the market for single-family homes have turned to condos,” said Daryl Fairweather, Redfin’s chief economist. “Earlier in the pandemic, many buyers shunned small condos in favor of large, detached homes with space for offices and homeschooling. But now that many Americans are vaccinated and some are returning to the workplace, extra space isn’t as necessary, and the benefits of shared amenities like a gym or pool are more attractive. And the biggest benefit of condo living is the more affordable price.”
Other findings from Redfin’s report, which covers 85 of the country’s largest metros:
Highest Condo Premium
- Austin, Texas: 5.6% above list price
- Rochester, N.Y.: 4.9%
- San Francisco: 4.8%
Largest Increase in Year-Over-Year Condo Prices
- Oklahoma City: 78.5% (median of $116,000)
- Bakersfield, Calif.: 47.1% (median of $177,000)
- New Orleans: 44.8% (median of $239,000)
Fastest Condo Sales
- Indianapolis: Half of all condos went under contract in four days
- Denver, Ill.: five days
- Elgin, Ill.: five days.