For a couple of months, one of my listings was the only unit on the market in the building. My client was concerned when a lower priced unit came on the market. The lower priced unit brought lots of traffic to the building and as a result my clients condo sold about a week later.
If a home that is similar to yours comes on the market it can help attract more buyers to your home. If it is priced lower it may sell quickly and buyers will look at your home as an alternative. If the similar or close by home is priced higher than yours it may attract buyers who will consider your home a lower priced alternative.
In most cases nearby homes for sale will attract more buyers to the area. Consider car dealerships and how they are often located next to other car dealerships.
Occasionally condo buyers will express concern if they think there are too many units in one building that are on the market. There is rarely a reason for concern. In most larger condo buildings, with a dozen or more units there are always units for sale.
