How do I price my condo competitively?

How do I price my condo competitively?

Want buyers fighting over your condo? Price it to win—not to guess.

Quick, brutal answer

Price your condo based on recent sold comparables, current inventory (months of supply), and an objective condition-adjusted price-per-square-foot. Use a Conservative Range: target price = market value ± 2–3%. Shift toward the low end if inventory is rising; push the high end only when inventory is under 3 months.

The proven 5-step pricing strategy

• Pull a CMA (comparative market analysis). Pull 3–7 sold condos in the last 60–90 days in your building or within a 3-block radius. Sold comps beat listings every time.

• Normalize price per square foot. Calculate price/ft² for each comp. Adjust for differences: floor level, parking, locker, view, recent renovations. Typical adjustments: +3–10% for parking/view, +5–15% for a full renovation.

• Check absorption rate (months of inventory). Months of inventory = active listings / monthly sales. Rules:

• <3 months = seller’s market — you can price at or above market.
• 3–6 months = balanced — price at market.
• >6 months = buyer’s market — price 3–5% below market to attract traffic.

• Set a launch price and a 30-day plan. Listings get most clicks in the first 2 weeks. If you want multiple offers, list 1–3% below the rounded market number to create urgency. If you want the highest predictable sale quickly, price at market and invest in pro photography and targeted marketing.

• Monitor and adjust fast. If you get fewer than 3 showings in the first 7–10 days, reduce by 2–3% or enhance marketing. If you get multiple offers, review escalation clauses and net proceeds.

Data-backed tactics that actually move outcomes

• Price-per-square-foot anchored to recent solds is the single best predictor of sold price.
• Active vs sold ratio: when sold prices are 1–3% above list on average in your micro-market, you can safely price on the higher end.
• Days on market (DOM): every week beyond market DOM erodes perceived value; reduce price or increase marketing at 10–14 DOM.

Avoid these common pricing mistakes

• Don’t base price on your emotional improvement costs. Buyers rarely pay full ROI for personal taste.
• Don’t rely only on online Zestimate-like values. Use local comps and agent expertise.
• Don’t underprice by guessing to “create bidding.” That fails unless demand is proven.

Final, direct advice

Get a professional CMA, pick 3 strong comps, set a launch price tied to months-of-inventory, and move quickly on feedback. Tony Sousa, Toronto condo market expert, uses this system daily to get condos sold faster and for top dollar.

Want a custom pricing plan for your condo? Email [email protected] or call 416-477-2620. Visit https://www.sousasells.ca for a free CMA today.