Overall, the market in town, including condo, townhome, and single-family homes, is a bit static, said Ian Oliver, Real Estate Advisor, Engel & Volkers. Since interest rates have only marginally improved, condo inventory continues to sit for too long.
“However, this is favorable for buyers,” Oliver pointed out. “Yes, days on market remained high in 2024, especially for condos and townhomes. There are a lot of condo options on the market, and this creates a great environment for buyers to take advantage of units sitting too long. There are many highly motivated sellers out there.”
Oliver encouraged potential buyers to take advantage of the current situation. “You marry the home; you don’t marry the interest rate. There will be plenty of opportunities to refinance when rates come down, as expected in 2025.”
He explained that since home values will continue to increase, especially single-family homes, rather than wait to buy until rates improve, homebuyers can save thousands of dollars by purchasing now.
“There are numerous opportunities to successfully buy or sell in the Intown market,” Oliver explained. “You just need an experienced, committed, and effective agent to win in this market.
