Prices were up 9.5% for local condominiums and townhomes last year, but sales were down. Lack of inventory and the local preference for detached housing are the drivers for what’s a lackluster annual performance in comparison with other real estate segments.
There are more townhome/condo developments in the works. Whether they will be rentals or added to the sales inventory remains to be seen.
There have been federal efforts to make townhome and condo purchases more attractive to first-time buyers. It has shown some success in urban areas, but not as much in rural cities and metro areas where new residents are looking for more elbow room.
The average local condo sale yielded $12,701 more than the previous year.
Sellers also tightened up discounts. Last year’s median listing price was $165,015. The median reduction was $18,734, or 11.4% from the list price. The 2020 median sales price was $27,405 (17%) less than the list price.
Categories: CORE DATA