A year ago, the average price of a condo was $174,382.
The median, or the middle price of a condo, however, rose slightly to $158,750 in May to $157,900 in April. A year ago, the median price of a condo was $152,750.
The information is based on data released on the last full week of each month and is adjusted for the number of weeks in each month.
The report by McGuire, and a similar one by independent broker Gary Bauer, shows 4,385 condos have sold so far this year, compared with 4,029 during the first five months of last year. And there are a record 7,613 condominiums on the market, almost 1,000 more than the 6,757 listed in the first five months of last year.
Bauer notes that for many people, especially first-time buyers who are priced out of the single-family market, condos are the best investment available. Indeed, Bauer tells GlobeSt.com that just in the last week or so, many homes and condos priced below $300,000 are getting multiple offers.
Mortgage rates had been rising slowly but steadily for eight weeks, but last week dropped, getting many prospective buyers off the fence, Bauer says.
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