The reports were by Jerry and Steve McGuire and independent broker Gary Bauer. The reports are based on Metrolist data released on the last week of each month. The reports are adjusted for the number of weeks in each month.
The previous record was set a month earlier, with an average price of $173,839. In February 2002, the average price was $170,621.
Condo prices are rising at a time when the average price of a single-family home sold and closed dropped from the same month a year earlier for the first time in 13 years.
The average price of a home sold in February was $263,208, compared with $265,451 in February 2002. In January the average price of a home closed was $265,826.
Bauer tells GlobeSt.com that many people who are priced out of the single-family home market are turning to condos. Also, many young people who are first-time buyers prefer the maintenance-free lifestyle of condo living, he says.
The median, or middle price of a condo sold was $153,700, compared with $153,500 in January and $147,500 a year earlier.
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