Sales of both single-family homes and condos are rising after dipping last spring due to the COVID-19 pandemic.
With record-low mortgage interest rates, the market has widened for buyers and sellers. However, extremely limited single-family home inventory is driving up competition among buyers.
An all-time high of 43.3 percent of single-family homes sold for above the asking price in October. Although competition for condos is not as fierce, it’s heating up, too, as more buyers are out bid on single-family homes or unable to find a home in their neighborhood of choice.
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