Condominium sales in October were the best since 2007 and prices for previously owned units stayed in positive territory all year, up 4.4 percent over last year to date and 17.8 percent higher than last October. If rumors of an easing of FHA condominium standards are true, and non-FHA underwriters follow suit as they usually do, the condominium market will rapidly return to health.
The number for sale is headed for 1,600, the lowest number since early 2008.
68 percent ... more condominiums sold in October '12 than in October '11 - most since November 2007
17.8 percent ... average increase in resale condominium price in October '12 over October '11
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.