Key Condo Market Stats (August)
What This Actually Means
1. Sales Pace Is Slow and Selective
Only 40 condos sold out of 205 actively on the market — that’s about a 19.5% absorption rate, which is sluggish. Anything under 20% generally suggests a buyer’s market, where buyers hold the power and can afford to be picky. Think of it as musical chairs… with way more chairs than dancers.
2. Days on Market Suggest Buyers Are Hesitant
A 47-day average DOM isn’t catastrophic, but it’s long enough to say condos aren’t exactly flying off the shelves. This suggests buyers are shopping around, possibly waiting for deals or lower interest rates to sweeten the pot.
3. Price Resistance Is Showing
Average asking was $503K, but average sold price came in lower at $485K — that’s a 3.6% gap. Not huge, but meaningful. It confirms buyers are negotiating down or skipping overpriced listings.
4. Sellers Are Already Cutting Prices
With 29 price drops averaging about $12.9K each, it’s clear sellers are feeling the pressure. That’s not a token price trim — it’s a real “please-don’t-walk-away” kind of drop.
5. Inventory Is Hefty
Total condo inventory at 287 shows supply remains strong. High inventory plus slow sales = buyers holding all the cards.
⚡ What to Watch Going Forward
If sales stay soft and inventory stays high, expect more price drops heading into fall.
Staged, move-in ready units will win buyers’ hearts while “meh” units get passed over.
Sellers need to price aggressively right out of the gate — starting too high and chasing the market down is deadly in this climate.
