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Condo-Hotels: Market Change or Day Dreaming?
This time of the year watching numbers is a form of entertainment. I checked condo-hotels just before the new year, and there were 147 condo-hotel units for sale.
Checked today and there are 172 units for sale as of today. What a change.
But not anything really unusual.
This is the slowest time of the year, and we have yet another month and a half of it. The inventory goes up and no buyers, and then March comes and suddenly there is plenty of interest to condo-hotels, and the cheapest are sold in 2 weeks, and suddenly we have a regular market with prices in the $40s, and then they go into the $50s, and then into the $60s.
But the overall number is not high. 3 years ago we had 360 units for sale, and 172 is far cry for that high. If we se this number going to less than 140, we might have a hot condo-hotel market.
Why? Because of little supply and the same demand. When the supply goes down, there is more competition for fewer units.
And it means prices going up, and sales going brisk.
Can it be day dreaming?
We will soon see…
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