Using data reported by our local multilist service (MLS) for Livingston County Michigan, RealComp II, Ltd. through June 2011, it appears the condo market is strengthening somewhat.
2011 YTD listings are down slightly (44) from 2010 (46) but sharply from 2009 (63). Pending sales reported have risen from 36 in '09 to 34 in '10 and 44 YTD in 2011. There were 21 YTD sales in 2009, 31 in 2010 and 37 YTD for 2011.
The median sales price for Livingston County condominiums for the last thre years is: 2009 - $66,000; 2010 - $86,500 and 2011 - $108,000.
I believe that much of this strengthening is due to consolidation, with almost no new units being built. Lower end (starter) condos, i.e., built on a slab, no or 1 car garages, 'stacked' configurations are still being listed in the low to mid $50,000 price range.
When buying a condo, especially a 'starter', be sure to work with a reputable lender and if you are going with FHA financing, get a list of communities that are FHA certified. Many are not, and some that were approved by FHA have lost that ranking. Don't find out after you write an offer.
No comments:
Post a Comment