November Condo Sales Are Up Compared to 2019 (pre-covid)

In November, there were 2,114 condominium sales a 0.6% decrease from November 2020 when there were 2,126 condo sales.

However, compared to November 2019 (1,898 transactions), condo sales were up 11.4%. Meanwhile, the median sale price increased 8.5% on a year-over-year basis to $445,000 – a new high for the month of November. Compared to November 2019 ($378,000), the median condo price was up 17.7%.

“The condo market followed similar trends to the single-family market in November – a decline in sales on a year-over-year basis, but activity was still well above what we normally see for the month,” Warren added. “The condo market stumbled especially hard in the second and third quarters last year due to COVID-19, so there’s plenty of pent-up demand from prospective buyers that’s still playing out over a year later.”

November saw only a 5% year-over-year drop in the number of new condo listings statewide, MAR reported, with 1,647 ultimately hitting the market compared to 1,443 that became available in November 2019. Total condo inventory was 2,318, 52.2% down from last November and 40.7% down from November 2019. Condos, like single-family homes, continued to fly off the shelves with the average total number of days on market sitting at 33, compared to 53 in November 2019. Months of supply sat at 1.1.

Year-to-date, there have been 26,316 condo sales, a 21.6% increase from the first 11 months of 2020 with a median sale price of $455,000, a 9.6% increase on the same basis.

Source:bankerandtradesman