While average prices for previously owned condominiums are still up for the year, the increase is smaller after a weak September. The number sold is up by over 4 percent, but not as far ahead as last month. So the condominium market is slowing ahead of the election in addition to the usual seasonal slowing. It won't take much to beat last October's sales and prices, but there won't be much total increase by year end.
The inventory is still declining and is approaching 1,800 properties for sale.
$312,700 ... average resale condominium price to date in 2012.
$317,100 ... average condominium price to date for all condominiums sold. The difference is narrowing as fewer new condominiums are sold this year.
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.