There are some significant differences in the single family and condo markets. Inventory was at a yearly high for single family homes, while condo inventory was higher last fall.
The average and median prices for single family prices continue to climb ($689,766 average and $533,450 median) but the condo averages, while higher than last year (currently $408,436 average price and $364,459 median), are considerably below the highs of 2005 ($428,576 average and $375,000 median).
Year-to-date single family housing is up almost 12% over last year while condo inventory is down 11%. Contracts and settlements for single family homes are below last year’s numbers in the double digits – contracts down almost 13% year-to-date and settlements down 13%. Condo contracts are up almost 8% year-to-date and settlements are up 9%.
My take on this is that many buyers are looking to buy the less expensive condos to stay within the conforming mortgage limits. And they are willing to take smaller properties close-in because they’re confident if their housing needs change, they will be able to rent their properties.
These statistics are provided by the Greater Capital Area Association of Realtors from data from the Metropolitan Regional Information System. A detailed look at the statistics is available at http://gcaar.com/statistics/default.htm.