There were more condo sales on the eastside with 156 sales over last year’s 125! There also were 21% fewer condos on the market than in 2010. More sales and fewer condos for sale is a good thing!
There were 867 condos for sale in November, with 156 of them receiving offers. Average market time was 118 days, one of the shortest market times of the year. Condos sold within 91% of the original asking price.
The median sales price declined by 11% from $250,000 to $233,000. Remember, though, this number includes median prices for all condos, including bank foreclosures and short sales.
Is this decline a true measure of the marketplace?
- The sales numbers for November only reflect the sales that happened last month. Looking at several months of activity will give us a more accurate read on the market, so it will be important to watch the activity over the next few months.)
- Distressed property sales bring the overall median pricing down.
Real estate, including condos has become more affordable because of the drop in value. This is the reality of the situation and is a boon to buyers who are hoping to make a move.
How are condos selling in your area?