Condo Sellers Now Outnumber Buyers More Than Two to One. How San Diego and Chicago Condo Buyers Should Use the Leverage, and How Sellers Should Respond

The condo market has flipped hard toward buyers. According to Redfin News, there were an estimated 123% more condo sellers than buyers nationwide in September. That is the largest gap in Redfin's records, which go back to 2013, and it is wider than the 95.5% gap of a year earlier. Put simply, for every condo buyer in the country there are now more than two sellers.

We have written before about sellers outnumbering buyers in the overall housing market. Condos are a sharper version of that story, and they work differently. A condo purchase is really two purchases: the unit, and a share of the building. That second part is where today's leverage matters most.

For buyers in San Diego and Chicago, the leverage goes beyond price. A market with this many sellers gives a buyer room to ask for more than a lower number. Our team would ask for the association's budget, reserve study, recent meeting minutes, and any planned or pending special assessments before signing. A buyer in this market can also reasonably ask the seller to cover part of a known assessment, contribute toward closing costs, or allow a longer inspection and document review period. Those requests were hard to win when buyers were competing. Many sellers will hear them now.

Chicago's downtown and lakefront high rises and San Diego's downtown and coastal condo buildings vary widely in age, amenities, and financial health. Two units with similar asking prices can carry very different monthly costs once dues, insurance, and future repairs are counted. The buyer who studies the building, not just the floor plan, is the one who gets a good deal.

For sellers, the answer is preparation, not panic. When buyers have choices, they skip listings that raise questions. A condo seller should gather the association documents before listing, know the reserve position, and be ready to explain any recent or upcoming assessments plainly. Pricing against the units that actually sold in the building and nearby, rather than against hopeful list prices, keeps a listing from going stale. Condition counts more than usual too. Fresh paint, updated lighting, and a clean, staged unit help a listing stand out when buyers are comparing several at once.

This is a negotiating market for condos, not a broken one. Buyers who do their homework can secure terms that were out of reach a few years ago. Sellers who present a well-documented, well-priced home still sell. If you are weighing a condo move in San Diego or Chicago, our team can walk you through the building records and the recent sales that set the real price.