While some communities are showing only a short time to sell, we can expect that number to take longer as inventory skyrockets due to seasonal cycles, higher interest rates, and some agents and their sellers being out of touch with the current market conditions.
Overall, the City of Anaheim saw its active inventory increase by 60% in May compared to the prior year.
More listings on the market gives the current pool of buyers more choices. Sellers might be tempted to simply list at the last price sold in their building. While that may have worked back in March, the market simply offers more selection where a superior home (or even brand new) may be available.
The Domain saw 4 active listings on the market during the weekend of June 11th. That was the first time 4 condos were listed at the same time in years. A total of 5 new listings hit the market for the last 30 days for The Domain. 2 listings have already exceeded 30 days on the market with one price reduction.
Throw in the effects of disclosing a litigation settlement (The Domain), a messy condo cert, or impending litigation (Harbor Lofts), then the need for a condo specialist really becomes crucial to maximize your price.
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