Stronger August sales have improved the condominium market a little. While still struggling to reach the average number per month, the average price for the past three months has been substantially higher than June, July and August of last year.
Cash sales are now the norm for condominiums as bankers, apparently miffed by low interest rates, continue to ignore the demand. Realtors will remember who the reliable lenders were when things loosen up again.
The number of properties for sale continues its seasonal decline, now standing at just around 2,000.
$307 ... average resale condominium price per sq. foot to date 2012
$317 ... average resale condominium price per sq. foot to date 2011
Chuck Leathers is the broker/owner of Chuck Leathers Real Estate Co. He can be reached at (888) 485-2300 or email him at ChuckLeathers@Realtor.com.