When will this Condo Market Slow Down?

11 June 2009

June will be a record month for sales this year. Multiple Offers on just about every single listing under $400,000 is the norm! When will it slow down?

Summer usually is a slower time for the overall market as people take holidays and families start planning for the start of the new school year in September. However the condo market, with a younger profile, more singles, and families with preschool kids, bucks the trend, In previous years, months such as July and October have been the biggest sales months of the year for condos.

Our guess is that the condo market will remain strong for the balance of the year. We will see less multiple offers but there is a lack of condo product to buy right NOW. Newspapers seem preoccupied with the new developments - are they sexier or maybe developers are better at getting free press. The concern about too many condos hitting the market is still more than a year away.

Anybody got any stories to share?