Selling Your Condo? This Overlooked Factor Could Quietly Undercut Your Selling Price

Of all the factors that catch new homesellers off guard, this is one of the most common: the number of listings in the same project. This is easily overlooked because it’s not a tangible feature in the project itself: it’s not something like distance to a train station, or the maintenance of the overall condo. It can, nonetheless, have a very real effect on your eventual transaction price, and it can even affect the willingness of some property agents to take on your listing. Here’s what you need to know:

How does the number of listings in your project (at the time of sale) affect your outcome?

1. Buyers may hesitate more when there are a lot of listings

In general, a high number of listings will lower the sense of urgency. There’s a greater tendency for buyers to want to view all the different options, even if they’ve largely decided they like your unit. If you were buying yourself, you’d probably also want to see the unit a few floors above, in the next block, etc. 

Realtors say this can make buyers less willing to put down an offer right away (although they may circle back later). Also, with more options available, some buyers are affected by “analysis paralysis,” as they keep viewing and comparing units with small differences. 

If you’re unlucky, and the majority of prospective buyers are like this, it might drag out the time it takes to complete your sale. This is one of the main worries in mega-developments like Treasure at Tampines, Normanton Park, Parc Clematis, etc. 

However, the important thing to note is that this does not necessarily mean you will get a lower price. It simply means that your buyers might take more time to make comparisons and get back to you. For this reason, it can be a good idea to overestimate the time it will take you to sell, if you happen to see a lot of comparable listings in your project. 

This is also worth thinking about when you’re buying a unit. When you buy in a project with a high unit count, it can be useful to pick a unit that’s clearly distinct from the others. For example, Normanton Park has landed villa units; these are so different from regular units, it’s not hard for them to stand out even with a count of 1,862 units. 

2. Bigger psychological impact from outliers when there are few listings

Reasonably speaking, we should base our expectations on actual transactions rather than asking prices (anyone can ask for any price they want; whether the market will respond is a different matter). 

But as one agent explained, sellers are psychologically affected if there’s only one other listing, and it happens to be much higher than the price their realtor suggests. It doesn’t matter that the one other seller is being unrealistic – they may feel short-changed if the other listing is 20 per cent above their own asking price, and fairly similar in size. 

Another agent added that, if the sellers are not in a hurry, they might try to set prices closer to the only one or two other listings at the time. This could also be an opportunity, if they’re very lucky. 

This type of situation is more common in a boutique condo, where a small number of listings is also accompanied by a low volume of actual transactions. This creates price-anchoring situations, where the previous seller – who may have been the only transaction in a year or more – sets the acceptable price for the next transaction.

3. Perceived “fair value” is more fixed when there are more listings

Sometimes referred to as a “listing density effect,” a high volume of listings tends to make asking prices more consistent. Simply put, if 15 listings of three-bedders are at $1.8 million, but you alone set a price of $2 million, you’ll immediately turn off a lot of prospects. 

This doesn’t mean it’s absolutely impossible to sell higher than the other listings, though. One agent even said that it can sometimes work to your advantage, if your pricing is a bit higher but not outrageously so: from her experience, it can generate more inquiries, as buyers will be curious to know why your place is valued higher (though whether they ultimately accept your reason is a different matter.)

Again, differentiation will be the key factor here. If you have a variant layout (e.g., an optional extra study room, or the only layout where the smaller bedrooms can still take queen-sized beds), you can still fetch a higher price. But keep in mind that most buyers don’t want to feel like they’re “losing” by paying the higher price, so it can be more challenging. 

The flip side to this is that you also have more price support. Having that many listings also helps to set a minimum price expectation. This is less volatile than a situation where there’s only one or two listings in the whole project; and in the off chance the only other seller is willing to settle for a lot less than you (or worse, is selling to their own family at a discount, or some other such situation.)

4. Opportunities for FOMO marketing with fewer listings  

This is especially true for the current market in 2025, when resale options are in short supply. If yours is the only project that’s suited to a buyer, and they see only one or two listings, there’s a much greater sense of urgency. This is especially true if the appeal to buyers is proximity to a specific school, place or work, or MRT station (when they don’t drive.) 

These are also the situations where a full-service realtor can really shine. They can determine when there are few other desirable options in the area, track supply, and know when it’s appropriate for you to push the asking price. 

At the very least, Fear Of Missing Out (FOMO) can get your offers earlier, even if it doesn’t result in a higher price. For this reason, there are some owner-investors who tend to eye projects with only small to mid-sized unit counts (e.g., 300 or 400 units) near institutions like schools, Grade A offices, malls, tech hubs, etc. It’s no coincidence that the recent 358-unit Bloomsbury Residences has a marketing angle that emphasises this.

Given the lack of inventory agents face (for resale units), it surprised us to learn some are reluctant to take on certain listings. But this can be true for projects where there’s a huge number of listings (especially mega-developments) due to marketing costs. 

When agents push your listing to the top of the property portal, they need to pay to do it. If your project has very few listings, they don’t need to do this often – if there are only two or three listings, everyone searching for your condo will almost certainly see your listing. It’s a different matter though, if there are 30 or 40 listings, and each agent is repeatedly boosting their listing to the top. This can result in significant marketing spend, in a situation where closing can already take longer (see point 1).

This may or may not have a tangible effect on you. At best, you have a property agent who swallows the cost, and simply makes less from transacting your unit. At worst, some agents may push you to accept just any deal to quickly complete the sale – they don’t want to keep pouring a fortune into the property portal.

You can’t control the number of available listings when you want to sell, but you can consider these factors when you first buy. For example, you could go for a mid-sized condo instead of a boutique unit, to get better price support; or you could opt for a unique layout or improved facing, if you need some way to differentiate your unit in a large or mega-development.