Sales growth boosted by condominium activity due to lack of choice in single family sector.
Demand growth in the single family sector has been restricted by the availability of product. New listings in this sector fell for a second consecutive month, causing further tightening in an already under supplied market. Consumers who are in the market for single family homes priced below $300,000.00 do not have many options and when product does become available, it typically does not stay on the market for long. However, nearly 54% of the new condominiums listing this year are price below $300,000 which is providing options for consumer looking for affordable product.
The detached benchmark price for February is $482,800 an increase of 9.11% year-over-year. The apartment benchmark price is $283,400 an increase of 12.06% and the attached benchmark price is $309,700 an increase of 9.43%. Overall sales for the month totaled 1,854 units, compared with 1,706 during the same period last year.
Call Jeff Campbell 403-275-3331