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Condos sizzle as home sales slump

Posted by Scott Van Voorhis April 24, 2014 08:53 AM

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Buyers are snapping up condos faster than they are homes.

It's not even much of a contest, actually.

The average single-family home that sold in March in Massachusetts was put on the market back in November. To use Realtor lingo, that's an average of 120 days on market, according to the Massachusetts Association of Realtors, which keeps such stats.

By contrast, the average condo that sold in March first hit the market in mid or late December, for a total of 85 days.

That's down from 106 days in March, 2013.

Meanwhile, overall condos sales are rising while sales of single family homes are falling. Condo sales rose 4.2 percent in March, compared to an11.5 percent swoon in home sales.

What's happening is interesting, but it's not all that new. First-time buyers are getting squeezed out of market for single-family homes and turning to condos as a less expensive alternative.

Add to that downsizing Baby Boomers, who don't want to wind up paying a fortune for a smaller, entry level home.

Anyway, condos are hotter right now. Case closed.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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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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