Sales of existing condominiums and cooperatives surged to a new annual record in 2003, while the pace of sales activity in the fourth quarter was the second highest on record, according to a recent NAR report. There was a total of 898,000 existing condo and co-op sales last year, up 9.5 percent from the previous record of 820,000 units in 2002. The sales pace dropped 5.8 percent in the fourth quarter to a seasonally adjusted annual rate of 914,000 units from a record 970,000-unit pace in the third quarter. Sales remained 10.3 percent above the 829,000-unit level of sales activity in the fourth quarter of 2002.
Last year marked the eighth consecutive annual record for the condo and co-op market.
"The growth of condo sales since 1995 is unprecedented and reflects a new level of demand in the market," said David Lereah, NAR's chief economist. "The easing we saw in the fourth quarter was expected after a record spike in the third quarter, but sales remained exceptionally high. There is a tremendous momentum that will be driving the condo market again this year."
In the fourth quarter, the median existing condo/co-op price was $174,700, a 14.9 percent increase compared to the same period a year ago. For all of 2003, the median existing condo price was $163,800, up 15.2 percent from a median of $142,200 in 2002.
Posted by gandlwoods at March 9, 2004 08:48 AM