What happened to condominium prices in March?
The average sale price for previously owned units fell over 26 percent from last March, the lowest average price since 2003. Meanwhile, 11 sales at One Ski Hill Place held the total average sale price even with last March. Lender obstruction to recovery continues in the condominium market. That limits the number sold, so the several high-dollar sales push up the average quickly.
The number of properties for sale is still low with 1,530 for sale last week. Of the listings, 584 of them were condominiums. There have been 112 condominiums sold through March.
$248,400 ... average sale price for resale condominiums in March 2013
$334,000 ... average sale price for resale condominiums in March 2012
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.