Redfin: February Sees Highest Share of Condos Selling Under List Price in 5 Years

(Image courtesy of Redfin; Breakout image courtesy of Alexa Heinrich/pexels.com)

Redfin, Seattle reported that 68.4% of condos that sold in February did so for less than their original asking price.

That’s up from a share of 63.3% in February 2024 and the highest level in February in five years.

The share of townhouses that sold for below their original asking price also hit the highest February level in five years, at 59.4%. That compares with 54.7% a year earlier.

The share of single-family homes selling below list price was at 64.2%, compared with 61.2% in February 2024.

In general, the share of homes selling for less than their original list price is returning to pre-pandemic norms, with condos closest to that benchmark.

Condo sellers are also seeing a bigger gap between their sale and list prices than they used to. The typical condo that sold in February had a sale-to-original-list-price ratio of 95.4%, meaning it sold for 4.6% less than listed. A year earlier, the ratio was 96.4% and three years ago it was nearly 100%.

Certain areas have seen more concerning numbers than others. For example, in Orlando, Fla., condo listings jumped 30.7% year-over-year in February, and the typical condo sold there had a sale-to-original-list-price ratio of 90.8%, compared with 94.1% a year earlier.

It’s not just Florida–in Denver, 77.2% of condos sold for less than their original list price in February, up 17.2 percentage points from a year earlier. That was the largest increase among the metros analyzed.

Virginia Beach, Va., was up 16.2 percentage points on that metric and Charlotte, N.C., was up 15.3 percentage points.

“The good news if you’re a prospective condo buyer is that sale prices are now falling in some areas, and sellers are offering up concessions, meaning you might be able to get a good deal,” said Redfin Senior Economist Asad Khan. “If you’ve been priced out of owning a condo, know that rents are hovering below their pandemic highs thanks to an apartment building boom, so renters may also find success asking for concessions.”