I read an interesting article in an e-mail I received from one of my many real estate magazines. Sales of single-family homes dropped off 2.9% compared to October of 2004. However, the Scottsdale condo market has remained strong. Condo sales were up 10.2% from October 2004.
I don’t remember condo sales outpacing single-family homes. I certainly could have missed some past statistics but this surprised me. I guess with the huge price increases we’ve seen in the past 2 to 3 years, many first-time buyers are simply being priced out of single-family homes. Or, maybe it’s that baby boomers are downsizing. Could be a bit of both.
The median home price in October went from $184,000 in ’04 to $209,900 this year, a 14.1 percent increase. However, it…
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