News & Features

Kelley’s Market Trends: Condominiums and Townhouses

Condominiums and townhouses have accounted for 18.8 percent of the residential market in the first eight months of 2016

Condominiums and townhouses have accounted for 18.8 percent of the residential market in the first eight months of 2016. This is up from 14.8 percent in the same period of 2011, and down from 21.7 percent in 2006.

The pattern of price increases and declines have generally followed the rest of the housing market, with a few exceptions.   The median price in the overall market peaked in 2007, while the median price on condominiums and townhouses declined in the first eight months of  2007 from $225,000 to $209,000, then peaked in 2008 at $230,000. In the first eight months of this year it is up to $196,500, which is the highest it’s been since 2008.

The average price did  follow the same pattern as the rest of the residential market, with an eight-month  peak of $ 305,667  in 2007.

Through August of  2016 the median price increased by 2.3 percent from the same time in 2015. The average price is nearly the same as it was at this time in 2015.

There have been six condominium and townhouse sales that were foreclosure or distressed sales of properties, which is the same number that is was at this time in 2015.