There is finally some happy news for condo sellers out there! According to the National Association of Realtor, in June 2011 7,941 condos were sold statewide, an increase of 8% over the 7,330 that were sold in June 2010. The median price rose to $93,900 from $92,300, which was a 2% increase.
This increase is modest, but we have learned our lesson about unsustainable growth. What is important to note is that lenders are particularly restrictive with condo financing, so where credit is tightest, we have actually seen some gains. I think it is a shame that lenders are so much more stringent with condo loans than with loans on single-family homes because condos make great starter homes.
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