The big news in the NAR Existing Home Sales Report is the condominium and cooperative sales.
Nationally, condo & coop inventory increased to 494,000 in March 06 from 425,000 in February 06 which represents a 16.2% increase in inventory in one month. Year over Year the inventory increased from 267,000 units to 494,000 which represents a dramatic 85% increase.
There is now a 6.9 month supply of condo /coop inventory. Sales fell 2% from March 2005.
The median sales price for condos in the West actually fell 3.7% (not seasonally adjusted) from March 2005. In March 2005 it was 290.4K which has since fallen to 279.6K.
Overall, the condo & coop market is much more vulnerable then the single family housing market. Much more inventory is coming. Median sales price will decline. The construction crane is now the unofficial bird in many states.
Tuesday, April 25, 2006
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