How about that condo market... During the recession, this segment was hit hard and took a long time to recover, coming back more slowly than it's single-family cousin. Today, as those affordable options become scarcer for the demographics fueling the continuing market recovery ("Millennials" & "boomerang buyers"), condos are making a comeback!
Take a look:
Source: The Cromford Report
As you can see, condos below $300K are faring best, accounting for a big chunk of our market considering the median sales price for the Phoenix/Scottsdale Metro area is just over $200K. So, as all of these homes vanish from the market, it leaves those seeking lower priced options less from which to choose. Active condo listings under $200K are down as at least as 24% (more as the price decreases due to rising market values). Condo listings under contract between $150K-$500K are up over 50% across the board.
I've seen this change first-hand... A client of mine who put off listing a Scottsdale condo in February due to a sluggish market was surprised to hear from me when a buyer's agent sent out an email to an agent forum looking for "pocket listings" in the same community! It was welcome news no doubt. A Tempe condo I listed for a client sold in 14 days with multiple cash offers after a light prep for the market.
If you've been putting off listing your condo (AKA patio homes, townhomes, lofts, etc.), now may be the time to consider trying the market. Contact me today for market specific details about your home and let's see whether this is the right time to sell your condo in the Phoenix Metro area!
Related Info:
June 2015 Metro Phoenix Market Recap
ARMLS: Active 16, 586 listings in Maricopa (and Falling?)
Deal Breakers that Get in the Way of Buying the "Perfect" House