The reports by Coldwell Banker Residential Brokerage and Jerry and Steve McGuire of RE/MAX Professionals, is based on MetroList data. They adjust the figures for the number of weeks in each month.
The median, or middle price, of a condo in March fell slightly to $153,000 from $153,700 in February. However, when compared to March 2002, condo prices increased, out-pacing appreciation in single-family detached homes, the reports show.
In March 2002, the average price was $162,421, for a 5.7% increase during the past year. The average price of a single-family home, by contrast, was $269,277 in February, a mere 1.5% more than the $265,055 average price in February 2002.
"This trend, if it continues, will be very similar to 1990 when single-family home prices showed their last decline (1.1%) and attached were up 4%," RE/MAX agent Steve McGuire tells GlobeSt.com.
There were 2,327 condos and single family homes placed under contract in February, a 4% drop from the 2,423 homes sold in February, the first time that fewer homes sold in March than in February. In March 2002, 2,849 homes sold.
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