Condo buyers now wield the strongest negotiating power in over a decade.
Seller Surplus Swells
A Redfin report found sellers outnumbered buyers by 123% in September, the largest gap since 2013 and up from 95.5% a year earlier.
The buyer pool fell to 88,460, the lowest in 13 years, while sellers rose to 197,248, a modest 0.9% increase.
Affordability Pressures
Rising insurance premiums, HOA fees and special assessments are squeezing condo affordability, especially in Florida and Texas.
Hippo Insurance notes condo owners pay less than single‑family homeowners because HOA master policies cover the structure.
Florida owners face annual premiums of $600‑$1,400, compared with $200‑$380 in Arizona, the nation’s lowest.
Fee Variance by State
HOAFeeCalculator.com shows wide fee differences: Hawaii averages $790 monthly, New York $480, California $450, while Mississippi and Arkansas sit at $140‑$145.
Market Outlook
Redfin economist Asad Khan says buyers can still negotiate price cuts and condos remain cheaper than single‑family homes.
“For renters ready to build equity, these conditions present a clear opportunity,” he added.
Condo median price slipped 0.8% to $339,000, marking the first yearly drop in five months.
Nearly 37% of September sales saw price reductions, up from 16% during the pandemic.
Regional Highlights
San Antonio leads with a 459% seller‑buyer gap, followed by Houston (322%), Miami (273.6%) and Austin (258%).
Miami, FL also shows a 274% surplus, while Nassau County, NY is the only metro with a balanced market, 32% fewer sellers than buyers.
Single‑family markets mirrored condo trends, with sellers outnumbering buyers by 53.7%, though the margin was narrower.
