Condominium Sales Update

The condominium market continues to be strong in New Haven County. The first three quarters of 2004 have seen 2,204 units sell at an average price of $153,683, a 10% increase over the average sale price for all of 2003 ($139,520). 2,638 units sold in all of 2003.

Nationally, sales of existing condominiums and cooperatives held at the second highest pace on record during the third quarter of 2004, according to the National Association of Realtors (NAR). Existing condo and co-op sales slipped 2.0% to a seasonally adjusted annual rate of 990,000 units in the third quarter from an upwardly revised record pace of 1.01 million units in the second quarter. Sales were 5.2% above the 941,000-unit level of sales activity in the third quarter of 2003.

David Lereah, NAR’s chief economist, said condo sales will easily set a record this year. “We’ve seen an incredible pace of existing condo and co-op sales over the last six months, but we’re also seeing some exceptional price appreciation,” he said. “In fact, the median condo price has been rising at more than double the rate of single-family home prices. Although inventories are tight, the reason goes beyond supply and demand with a greater mix of upper-end units working their way into the market.”

Nationally, the median existing condo price was $197,000 in the third quarter, which is 18.0% higher than the same quarter in 2003. The median is a typical market price where half of the units sold for more and half sold for less. By comparison, the median-priced existing single-family home was $188,500 in the third quarter, up 7.7% from a year ago. Because there is a higher concentration of condos in more expensive housing markets, the national median condo price is higher than the national single-family home price. Within a given area, condos typically cost less than houses.

NAR President Walt McDonald said the condo sector has come into its own. “This will be the ninth consecutive record year for condo sales,” he said. “Even when a recession slowed the single-family home market in 2000, the condo market continued to boom. In terms of sales, the existing condo and co-op market is essentially as large now as the new single-family home market. Low mortgage interest rates are enabling first-time buyers to enter the housing market, and in high-cost areas that often means a lower-end condo unit. At the same time, empty-nesters are using the equity from a larger single-family home and are driving sales at the upper end of the condo market.”

Connecticut Mill Rates

I have just updated my quick link to current Connecticut Mill Rates. You will find this link through my “helpful info links” button at www.AnyHomes.com, or click here for quick access.

Condominium Sales in Connecticut

Condominium sales have been setting records all over the country, and Connecticut condominium sales are right there with the rest of the country.  Many new condos are being built to attract the "luxury" buyer and the downsizing "over-55" crowd.   In addition, there are many condo and townhouse developments that attract younger, single buyers scrimping and saving to own their first home.

Condos are typically more affordable and may suit today’s busy lifestyle:   there's little upkeep, you have neighbors close by, and you may have access to community facilities, like a pool or workout room.   But you'll also need to consider you may not have much privacy outdoors or any type of backyard.   You'll also need to factor in how much you'll pay for your homeowners' association fees.

In New Haven County the average price for the 2,638 condominiums sold during 2003 was $139,520 which was 13.9% higher than the average sale price of the 2,757 condominiums sold during 2002 ($122,517).

Weather and Website Updates

I have been neglecting my Real Estate Blog for the last couple of days while digging out from the winter storm that dumped a good 15 inches on our area.  Great for skiing; if you can get to the ski slopes!

I have also been spending time revamping my website under the guidance of Harold Baughan of www.RockSolidSite.com.  The website now has a simpler look, and the balloon has stopped its journey.  Let me know what you think.  Some folks were complaining that they could not read the website because of the "annoying" balloon.  Others thought it was terrific (especially other REMAX agents who wanted to know the code to add it to their website!).

Thanks Harold for all your help, and thanks to all my visitors who give me feedback on how to make the website (and blog) better for all! Keep the advice coming, and watch for more changes!

Cost Vs. Value Report

The 2003 Cost vs. Value report has been issued by Remodeling Magazine.  This report has been published for years, and we have been telling our clients about it to help them make a decision on whether to remodel or move (or what to do now knowing they will be selling in a year or two).

The report examines the cost of popular home improvement projects and then shows the estimated percentage return in various geographical markets if the owners were to sell their home today.  While Connecticut is not represented specifically, we can look to Providence, Rhode Island, as an indicator of the possible benefit to us.

For example, the report estimates that having new vinyl siding installed could generate a return of 226% on your cost!  Anyone who has had to paint a home would agree with this figure!!  Of course there are many factors involved, but we think you will find this report very interesting.

Happy Thanksgiving!

Happy Thanksgiving to all of you!  I want to say how thankful I am for all my loyal clients who have made this year so special!  I also want to thank my fellow Realtors who have helped me transition so many homes from one family to another as smoothly as possible!

Of course, I cannot begin this Blog without giving thanks to all my fellow "web-savvy" Realtors!  It is amazing how much others are willing to share in an attempt to make the web more friendly and informative to all.  High on this list would be Fran and Rowena of Southern California who inspired me to begin this blog.  If you have any real estate needs in Southern California, be sure to contact them! Visit their website at:  Southern California Real Estate.

Thank You All, and enjoy the Holiday Season!

Chris K. Canfield, Realtor, e-PRO
RE/MAX Schoolside Realtors
www.AnyHomes.com