Condo prices are rising for the first time in five years as office workers return to cities and crime drops. Supply is down 12% year-over-year while sales jumped 11%, and price per square foot is up 2% so far this year.
For the first time in over 5 years, the condo market is showing sustained appreciation largely because of all the positive trends we're seeing in the city with falling office vacancies, falling crime, new jobs, and more offices bringing employees back to the office. So far this year, the monthly supply of condos, meaning the number of buyers looking in relation to the number of condos actually available, is down 12% compared to the same time last year. The number of condos actually selling is up 11%, and that's even though there are fewer condos actually available. And this increase in demand has caused prices— to increase as well. Average price per foot up 2% so far this year compared to the same time last year. There are more people looking at condos and likely going to continue looking at condos as city dynamics improve and as the price of more expensive single-family homes climbs even higher. Keep in mind, these are citywide numbers. There are parts of the city experiencing less growth and parts of the city experiencing significantly more growth. So if you want more information about particular markets, reach out to me.
