In December, the average price was $169,159. And in January 2001, the average price was $165,398. The median, or middle price, of a condo sold and closed was $153,000, $2,5000 more than the $151,000 in December, and $8,500 more than the $145,000 in January 2001. The median price is often thought to be a more accurate reflection of the market than the average, as it is less likely to be skewed by a few high-end sales.
Jerry McGuire, a broker with RE/MAX Professionals, says that he's not surprised that condo prices are rising. "With interest rates so incredibly low, it's a great time to be leaving an apartment and buying a condo," McGuire tells GlobeSt.com. "For many people, buying a condo is the traditional way of getting into the home market. And for a lot of renters, their after-tax cost of owning can be less than renting."
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