I am getting a lot of chatter about home sales, record prices, etc. The interesting thing is that many of the stats that are out there in most of the news rags are not specifically about the condo and townhome stock in this crazy hot market. The number of listings are up for condos/ townhomes, so there is stock. The median price is higher than every historically in the downtown market. I have heard some conjecture about overbuilding and price correction in this area. The numbers do NOT tell that story. They tell a story of a great opportunity to buy a chic downtown condo with the data showing historical median price increases that have shown an impressive growth curve for three years in a row. If you look at how many condos/ townhomes have sold, you will see that not even half way through this year, we are looking at numbers indicating selling more in this market than ever before. And look at the median prices.
Matrix – Click here to view this chart that indicates the median sales prices over the past several years indicating a dramatic increase.
Historic Sales x Price Range – Click here to look at the median sales prices and how many condos and townhomes were sold during each month of each year.