Pandemic Effect: Condo Inventory Expanding as Overall Housing Inventory Tightens

If you’re interested in buying a condo in the near future, you’ll likely have plenty of options to choose from. As the pandemic continues, we’re seeing fewer single-family homes on the market to choose from but more condos.

According to Black Knight’s new Mortgage Monitor report, the available home inventory is at an all-time low, but condos are seeing more availability right now. That’s especially true in larger cities that seem to be losing residents.

Some believe it may be the result of home buyers looking for more space for their families, and more outdoor opportunities amid the ongoing pandemic. While some may be in search of a place with more work-at-home and remote learning space, others may simply be less concerned about living farther out if they no longer have to worry about a morning commute.

Black Knight is also reporting more than six million refinanced first mortgages during the first three-quarters of the year alone. The incentive to refinance is high, as rates remain at record lows.