The average price of a condo this month is down slightly from the $173,200 average price in February 2003. The median, or middle, price of condo sold and closed is $153,000, down from $160,000 in January. Condo prices also are down slightly from a year ago, when it stood at $153,700.
"It's no surprise condo prices are down," Steve McGuire tells GlobeSt.com. "Last month was an aberration, because some very expensive condos sold Downtown."The average condo list price is $201,482, says Bauer.
Commercial real estate executives are watching the housing market closer than ever, because it provides a monthly snapshot on the state of the economy and job growth and creation, which ultimately will help the office, industrial and retail markets. "Buyers, while not plentiful, are very educated, selective, non-decisive, price conscious and deal shopping," Bauer tells GlobeSt.com. "With spring around the corner, buyers are more likely to heavily shop the inventory. The number of showings has increased dramatically this month. Sellers need to be open to negotiating as buyers believer it is a buyer's market and will generally ask for the moon in concessions."
Bauer adds that prices of single-family homes, as well as condos, decreased from January. "Remember that January, the month, does not a market make," Bauer notes.
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