The Quarterly Edgewater Condo Market Update

The 90-Day Midtown and Edgewater Condo Market Update

The 90-Day Edgewater Condo Market Update for September 2023. The condo market in Edgewater and Midtown welcomed more than 294% of an increase in their condo inventory just in the last three months. To put these numbers into perspective, Edgewater and Midtown had less than four months of inventory; fast-forward to today, the neighborhood has just under sixteen months of inventory. Generally, we consider a balanced market to have between six to nine months of supply, given the current state of today’s market; we are well into a Buyer’s Market.

As we break down the condo market activity, we notice that the price bracket that suffered from the highest saturation level corresponds to condos priced between $1M and $3M. This price bracket is experiencing more than twelve months of inventory, as it increased over 243% in the last couple of months.

The price bracket that welcomed the highest concentration of new listings corresponds to condos priced between $500K and $1M, but their absorption rate was almost 3X the amount compared to condos priced between $1M and $3M. Condos priced between 500K and 1M currently hold about nine months of inventory. This comparison shows that although the inventory is increasing at astronomical rates, if its absorption rate keeps up, it can create a healthy balance of supply and demand.