Why Prospects of Condo Comeback Are High

Article is from the official magazine of the NAR – http://realtormag.realtor.org/daily-news/2014/10/07/why-prospects-condo-comeback-are-high

“Condo sales have been on a roller coaster ride in recent years, as the recession hit the sector hard. But is the country ready for a condo revival

In 2005, condo sales surged to 12.7 percent of all home sales. But the financial crisis caused the condo market to recede — even more so than the single-family market — with sales falling to 10.7 percent of all home purchases in 2009.

“Condo sales moved sideways several years after the recession before picking up steam again in 2013,” CoreLogic Deputy Chief Economist Sam Khater writes on the company’s blog. “This year, it continues to rebound and currently accounts for 12.3 percent of all sales in 2014.”

The national condo market is in recovery mode, Khater says, but the sector is recovering at different speeds among metro areas. Denver is leading the pack in condo sales, where they are 16.9 percent higher than year-ago levels, followed by Houston, at 15.5 percent, and Naples, Fla., at 10.8 percent. However, the weakest performing condo market is Las Vegas, where sales dropped 16.5 percent from a year earlier.”




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