Bridgeport Condo Market - Yearend Update 2007
Bridgeport has a large portion of the local Condo Market. This update shows that like the City's Single Family market, unit sales are down from the past two years. And also like the Single Family market, prices have been surprisingly stable. With unit sales off almost 20%, you would think that would put downward pressure on prices too.
It may be that the ability to rent out a condo that doesn't sell may be helping to maintain price levels. This would make sense if the buyers who can obtain financing have decreased due to the mortgage crisis. However, since people still need a place to live and the local economy is still producing jobs, they become renters until the market turns and they can return to buyer status.
As of December 31 | 2007 | 2006 | 07 vs 06 | 2005 | 07 vs 05 |
Closes | 474 | 569 | -17% | 588 | -19% |
Median Price | $146,000 | $144,500 | 1% | $135,000 | 8% |
Avg Selling Price | $156,746 | $152,815 | 3% | $142,828 | 10% |
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