I got an email from Realtor.com this week that talked about how in July, condo sales were down 12% nationwide compared to a year ago… down even more in the Midwest at 17%. National condo inventory reached its highest level in four years in July.
Months supply of inventory takes into account both the amount of inventory and the rate at which they are selling, and I think it gives the best insight into the market. With this metric, the supply goes up as the sales go down.
In the Twin Cities, the year-over-year change in months supply of houses, townhouses and condos were pretty close at the beginning of the year… but they have been breaking apart since May. Condo supply was 33.3% behind last year in June, 44.8% behind in July and a full 50.0% behind in August.
If you are planning to buy a condo, this is a great time! …plus early October is usually the best time overall to be buying a home as inventory is still robust, prices are dropping, and competition is waning.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
