Condo Construction Ramps Up

Source: Realtor Magazine — 

Just like townhome demand is rising so is condo demand. The first quarter proved to be the best quarter for condo construction since the third quarter of 2008—in about 14 years, according to the National Association of Home Builders.

As buyers search for greater affordability, they may be drawn to condos. Still, the median existing condo and co-op sales price was $340,000 in April, an increase of 13.1% compared to a year earlier, according to the National Association of REALTORS®. But for comparison, the median existing single-family home price was $397,600 in April, up 14.8% annually.