After several years of a condo surplus the supply is dwindling. There are several condo buildings I have shown recently where there was a big supply of units available earlier this year... now a buyer may be lucky to find ONE available! Same thing holds true for many townhouse complexes, which have the lowest months supply available of all three property types. Multiple offers have become much more common.
The chart above, generated by The Thing (current market analytics from the Minneapolis Area Association of Realtors), dramatically shows how the months supply of homes available for sale has been dropping.
The condo supply has always been greatest relative to number of buyers, but is the closest it has been to months supply of houses and townhouses. Townhouse supply is even lower than the supply of houses.
The days of selecting from a surplus supply are over, at least for now. Prices are on the way up but are still good for buyers, especially considering the added buying power of super low interest rates!!
Sharlene Hensrud, RE/MAX Results - Email - Minneapolis Condo Realtor
