68% of Condos Sell Below List Price -A 5 Year High

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Report: 68% of Condos Sold Below List Price in February—The Highest Share in 5 Years

The condo market is showing signs of significant slowdown, with nearly 70% of U.S. condos selling below their list price in February, the highest share in five years. According to a new Redfin report, 68.4% of condos sold for less than their original asking price, up from 63.3% last year. This trend is being fueled by rising insurance costs and increasing HOA fees, which have made condos less affordable for many buyers.

In Florida, the condo market is especially affected. In Orlando, nearly 85% of condos sold for less than their list price, with some properties selling for as much as 10% below their original asking price. The rise in inventory is partly due to homeowners, particularly senior citizens, being unable to afford rising monthly costs.

While buyers are gaining more bargaining power due to climbing inventory and high housing costs, Redfin’s Senior Economist Asad Khan points to a potential opportunity for condo buyers. With prices falling in some areas and sellers offering concessions, buyers may find more favorable deals in the current market.

When listing properties, the company recommends pricing condos fairly from the start to avoid properties sitting on the market too long, which can deter potential buyers.

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 HUD Launches Streamlined Website, Removes Key Data for Real Estate Agents

The U.S. Department of Housing and Urban Development (HUD) has launched a new, streamlined version of its website, focusing on a more user-friendly experience for the American public. However, the overhaul has removed a significant amount of data that real estate agents and professionals rely on.

The new HUD.gov website has reduced its content by 90%, eliminating over 9,000 pages, documents, and microsites. While this simplifies the site for general users, it means crucial resources once available to agents—such as detailed property data and housing reports—are now harder to find or no longer accessible. The move comes after a 2024 survey found that nearly half of users were dissatisfied with the previous site due to its confusing navigation and outdated information.

While HUD claims the changes save taxpayer dollars and improve the site’s efficiency, real estate agents now face a more difficult task in accessing the data needed for their work. The site now organizes information into three categories: Helping Americans, HUD Partners, and Researchers. This reorganization, though beneficial for some, is a big shift for those who relied on the comprehensive resources HUD once provided.

HUD says the changes will ultimately lead to $400,000 in savings, but it remains to be seen how this will impact the real estate community.

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MLS PIN Deal Gets Judge’s Approval Despite DOJ Pushback

And finally, a long-running legal battle over commission practices involving MLS PIN has taken a key turn. On April 1, U.S. District Court Judge Patti Saris gave preliminary approval to a $3.95 million settlement, despite objections from the Department of Justice. The deal allows MLS PIN to continue displaying offers of compensation, unlike the National Association of Realtors’ settlement, which banned such displays.

Judge Saris expressed concern over this difference, noting, “The biggest red flag to me is why did NAR agree to it and you are not. I don’t know why you care so much.” However, the judge ultimately decided that the DOJ had not provided enough evidence to prove that the practice was anticompetitive.

MLS PIN’s attorneys argued that the real issue lies in restricting sellers’ ability to offer compensation as they see fit. In response to DOJ claims that upfront offers inflate commission fees, Saris stated, “You didn’t give me any proof.”

The DOJ has argued that allowing these offers distorts competition, but the judge was not convinced, saying, “That number surprised me.” The final settlement hearing is set for later this year, with the case originally filed in 2020.

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