You have receive great answers from the other responders. Let me see if I can help you by taking your comment a step further.
I crunched the number to look at the Absorption Rates (Inventory) for Condos since I have another Client who is wanting to List their Condo and I'll need the same information for my Listing Presentation. Okay, back to Absorption Rates. For the entire Oklahoma City MLS system:
6 months: 125 Sold 24 Pending 149 Total / 6 Months = 24.83
Currently 143 Condos for sale / 24.83 = 5.76 Months Absorption Rate or Inventory. This is a Seller's Market, 6 is a Neutral Market, and above 6 is a Buyer's Market. If no one Listed their Condo for sale and Builders were not building anymore Condos it would take 5.76 months for all of these Condos to sell.
You're probably thinking right now...see I told you our Condo should have sold by now! Not so fast. As a rule of thumb for a real estate property; if a property is on the market for 180 days or longer, the property is overpriced, there is something wrong with the property....needs updating, painting, etc., and or a combination of both being overpriced and having warts.
Is this all ways the truth? No of course not. And Condos are a good exception to the rule because you are essentially looking at a Niche Market. Many people who want a Condo are "empty nesters" downsizing, investors, and people who have stepped from renting an apartment , to buying a Condo, and are taking the next step to buy a home. There are other exceptions or reasons for a property not selling. However, the 180 day rule is a starting point to resolve any issues with your property.
How do you know your home is priced right? By the traffic...i.e. the number of showings you are having to see your home or offers on your home! If you look back up to the number of Condos for sale in the Oklahoma City MLS there were 143. These are your competition.......
Call me and we'll put together a plan to beat the competition. If I do not think I can beat them or help you, I'll tell you so and we'll part as friends!