Even with the volatility of the last year, the median sold price in the attached home category took a teeny tiny nudge up 2% over the same time period last year. Look for another bump in May based on market activity.
Last year at this time properties were moving at a decent pace, but April to April we’re just about on par. What’s different though, is that large jump we took in May of ’11 will no doubt be eclipsed by whatever is happening out in the field. The next chart shows the rest of the story.
This chart dramatically illustrates the current state of the market, which now favors sellers. The inventory for condos and townhomes has plummeted to a little more than a two week supply, based on current sales rates. Wow.
Supply is down 18% and demand up by a whopping 46%. That usually indicates a couple of things – competition for properties, and a bump up in pricing. Multiple offers are back in vogue and this market segment in particular is benefiting.