Condo prices did not rise as much as single-family homes, which set records, despite the slow economy. But Bauer explains that is totally due to the mix of homes, and not because of appreciation.
The average price of a condo was $178,044, compared with $297,088 for a single-family home. While not a record, the average price of a condo rose from $176,574 in June and $174,244 in July 2003. The median price of a condo showed a similar increase. The median price of a condo was $157,367, compared with $155,000 in June and $153,000 in July 2003. The median price of a single-family home by contrast is a record $244,800.
Bauer notes 76% of the condos sold are below $200,000. Breaking down those numbers further, 44% of the condos sold were priced at no more than $149,999 and 32% were priced from $150,000 to $199,999. It takes an average of 100 days to sell a condo, compared with 69 for a home. And the average list price of a condo on the market is $198,196, compared with $359,834 for a home.
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