Condo Sales Are Totally In The Tank

A real estate columnist in the Herald-Tribune, Harold Bubil, wrote Tuesday that:

The condo numbers are worse. On July 7, 2005, 1,154 condos were for sale, with a supply of 14.3 weeks. On Jan. 5 of this year, the supply had increased to 2,369 and the weeks on hand rose to 41.5. On Oct. 15, 4,067 were for sale and only 29 sold, for a weeks-on-hand figure of 140.6.

In other words, it takes about two-and-a-half years to sell a condo in the current market. But the price is going up.