October 2014 -- Condo prices continue to trend upward while the numbers of buyers dip slightly. While condo owners and sellers understandably celebrate the rise in condo prices, buyers are demonstrating less appetite for the condo product at current prices. This year (YTD) is the first in 5 years that shows a slowdown in the number of condo sales.
Condo prices are trending upward. Accelerated Rising prices seem to be the trend as we move toward the end of the year. As illustrated by the chart on the right, 2014 is the third year of this trend. An upward condo price trend is likely to continue at a gradual pace.
Although the lowest price point for condos has long passed, prices remain affordable and there are still bargains to be found.
The number of condo sales in 2014 down compared to 2013. The slight dip in the number of condo sales year-over-year can be traced to three likely reasons.
Some buyers have left the market as prices inch upward.
A larger number of distressed inventory stimulated the 2012 and 2013 markets but fewer now remain.
The chart above illustrates performance of this year as compared to the same period during the previous 9 years. Note the strong upward trend since the market bottom, and then the slight downward motion in the number sales in 2013-2014.
Condo inventory has been steadily rising since its most recent low in Dec. 2012 of 1,285 condos for sale. Current inventory is now only slightly above that record low.
Although condo inventory is trending upward it remains relatively low levels comparatively speaking. Condo hit its record high in high July 2006 when it reached 5,047 condos for sale.
Distressed sales no longer control the local condo market. The number of short sales have been falling since 2010 and continue to shrink in number, with the exception of an occasional upward 'blip'.
If you're buying a foreclosure or short sale expect your offer to be one of several being considered. Also expect the process to be rigorous with a long wait for the sale to be final and no guarantee of outcome. For that reason, we always suggest you do your homework (we're here to help of course) to make certain you have a deal worth the additional wait and the risk.
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