Kelley’s Market Trends: Condos and Townhouses

The pattern of price increases and declines have generally followed the rest of the housing market

By Jim Kelley

Condominiums and townhouses have accounted for 18.7 percent of the residential market in the first eight months of 2017. This is nearly the same as it was in 2016 at this time.

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 $235,000, which is the highest it’s ever been. The previous high was in 2008 when the median price for condominiums and townhouses was $230,000.

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 2017, the median price increased by 19.6 percent from the same time in 2016. The average price is nearly the same as it was at this time in 2015 and 2016.

In 2017 there have been 360 new listings of condominiums and townhouses compared to 363 at this time in 2016 and 342 in 2015. At this time there are 232 active listings of condominiums and townhouses.

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