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Condos hot now?

Posted by Scott Van Voorhis April 26, 2013 10:03 AM

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OK, it may be a bit of stretch to say condos are selling like hotcakes.

But condos are getting snapped up much faster this spring compared to last year.

How much faster? Well more than 20 percent faster here in Massachusetts compared to a year ago.

And guess what? Condos are also selling a whole heck of a lot faster than single-family homes.

Condos across the state stayed on the market an average of 99 days in March, compared to 123 days during the same month last year, the Massachusetts Association of Realtors reports.

Homes also sold at a brisker pace, but the improvement over last year was positively incremental compared to what we are seeing in the condo market.

The average time on market this March for a single-family home in Massachusetts dropped to 124 days, down from 131 the same month a year before, according to MAR.

But that's light years behind the 99 day average it takes to sell a condo in this state.
Overall, condo sales rose 2.5 percent in March, even as home sales dropped more than 3 percent. The median price of a condo in Massachusetts rise 8 percent, hitting $270,000.
That's still below the $290,000 median price for a single-family in our state, but the gap is hardly dramatic.

In ever expensive Massachusetts, and especially ever overpriced Greater Boston, condos have two advantages right now.

First, they generally cost less to buy than single-families and second, when it comes to new construction, there is generally more to pick from.

That's not to say we've seen a condo building boom - far from it. But some new condo developments were built over the past seven years, while new single-family construction has been negligible.

What's your take?

This blog is not written or edited by or the Boston Globe.
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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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