WASHINGTON DC – Sales of existing condominiums and cooperatives surged to another annual record in 2003, the National Association of Realtors® said Feb. 4 (2004). 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.
David Lereah, NAR’s Washington DC-based chief economist, said this marks 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,” he said.
And for the first time, the cost of a typical condo competed with that of a median-priced house. For all of 2003, the median existing condo price was $163,800, up 15.2 percent from a median of $142,200 in 2002. At the same time, the typical single-family resale home price rose 7.5 percent to $169,900, the NAR reports.