Many of you remember the "good 'ol days" where we could list a condo and it would sell in a week with multiple offers. Hmmmm. We are in a different time to say the least.
Currently, we have 13 condo's on the market in downtown PA (not a big number at all) and they have collectively been on the market for 693 days. That's an average of 54 days each and that number is lower than it should be since I used two new listings that just came on that likely will start to see their DOM number increase, too.
Personally, I believe that single family home owners in our area are pricing their houses better than condo owners in the area are pricing their condos. We are seeing movement in the single family home market, we are not seeing it in the condo market. Condo sellers need to stop hoping things will get better and start pricing their units at today's market (or take their unit off the market).
For a rough estimate, we are between 20 and 30% off last Spring's sales. For a more definitive opinion of value of your unit, please contact me directly........
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