Condo Growth

THE CONDOMINIUM MARKET IS ALIVE AND TRIVING
IS NOW THE TIME TO BUY A CONDO?

In Central Ohio condominiums now make of over 10% of the resale home market. In the past 5 years condos have kept pace with or often outpaced the sale of single family detached homes, showing annual appreciations of 3-6% and turning over inventory 2.5 to 3 times annually.

Other info extracted from a recent article

· Single females make up 42 percent of condo buyers. Single males make up 20 percent, while married couples constitute 30 percent of condo buyers.
· NAR's Profile of Home Buyers and Sellers 2006 says that condo buyers (median age: 43) are older than single-family home buyers (median age 41.) "The median age of condo buyers skews older because condos attract the bookends of the housing market -- first-time buyers, and empty-nesters (boomers) and retirees, who no longer need a large single family home but like lots of amenities in a simpler lifestyle," explains Molony.
Read the entire story by Blanche Evans in Realty Times at:

http://realtytimes.com/rtapages/20070529_sellcondos.htm


The Central Ohio real estate market has been showing a good level of buyer activity in the past few weeks. We are all hoping that gas prices and rising interest rates result in little or no impact.


Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119