Morning Briefing: Condos outpacing single-family homes

by Steve Randall28 Oct 2015
Condos outpacing single-family homes
Condos are appreciating faster than single-family homes according to Zillow. Its latest analysis shows that single-family homes across America have increased in price by an average of 3.7 per cent while condos have increased by 5.1 per cent. Condos, it says, are at last catching up with the rebound of other housing types having been particularly hard hit in the recession.

The rise of condos above appreciation of single-family homes is happening in almost two thirds of the 35 most populated housing markets with New York City, Dallas, Houston, Boston and Denver seeing the highest levels of outpacing.

In Philadelphia, a market where many renters say they want to buy, single-family homes dropped slightly in value year-over-year, but condos are growing at 2.3 per cent. But in Miami, where luxury condos have spread across the skyline and condos make up 63 per cent of the housing stock, condo values are not rising quite as fast as single-family homes.
 
‘Holiday home’ lists for $13 million
The former home of jazz legend Billie Holiday has gone on the market in New York listed at $13.9 million. The 5-story Upper West Side townhouse is 20 feet wide and has 6,300 square feet of accommodation including 7 bedrooms, 7 bathrooms and 2 powder rooms. The New York Post says that the home last sold in 2009 for $5.85 million but has undergone extensive restoration since. The $12.95 million listing is being co-handled by Corcoran broker Maria Pashby along with Joanna Pashby and Terrence Harding.
 
Mass. market strong in September
Realtors in Massachusetts report that home sales stayed strong in September with a 17 per cent rise in closed house sales compared with a year earlier. Condo sales were up 9 per cent year-over-year while median prices were flat. “An active summer real estate market has become an active fall real estate market as buyers and sellers were very busy in September,” said 2015 MAR President Corinne Fitzgerald, broker-owner of FITZGERALD Real Estate in Greenfield. “We haven’t seen an indication from buyer clients yet that their desire to own a home has cooled off as we moved into the fall. This momentum should continue for at least the next few months.” The number of days on market for houses has fallen to 88 from 95 a year ago while for condos it has fallen by three days to 72. 
 

COMMENTS

  • by Nancy V | 10/28/2015 9:06:53 AM

    We have many people in Fl that want ammenities in condos. Until the condo guidelines relax a bit, which may never happen, this is still a dead end for financing. We have many non warrantable condos at the beach and a lot of retirerees who want to live gulf front in primary residences.

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