Jul. 6, 2008 - Condo buyers getting more for their money

Even though condo sales volume is way down, as is evidenced in my earlier post, and median price per square foot is down from $300 per square foot in June of 2007 to $289 in 2008, the median price of condos sold in June is up.

Those who are buying condos are not opting to pay lower prices, rather they are spening higher prices and getting larger units, on average.  This is also reflective of the fact that those who can afford to buy, can also afford to buy larger and more expensive units.  Those who can't afford to buy under current financing guidelines are creating an imbalance toward the more expensive, as those buyers are the ones who would have purchased the chearper and smaller condos.

Interesting result in this segment of the market.

 Statistics not compiled or posted by NWMLS. (required disclosure)