It seems inevitable these days that a buyer calls our office to ask us to find a “steal” or a “great buy.” I like to respond with a question: What is your intent for buying? Then I usually inform the buyer that while this is a great time to buy property, an investment for less than three years may not make sense at
any price, given the range of current real estate inventory.
Of course, we keep our eye on market trends as a way of advising our customers about opportunities. Right now, MLS statistics suggest the best investment may be a condo, since prices in this market segment have dropped faster than those of single family homes. In viewing MLS statistics for the past year
and the year before, evidence shows: The number of condo sales is up by 10%, but the average price is down by $125,000, or 21% from the previous year. A similar trend continues comparing first quarter 2008 with first quarter 2007: Condo sales are up 16% from last year with average prices down $120,000, or 21%.
The number of single family homes sales, on the other hand, grew by 20% with an average price increase of $16,000 or 3%.
At Team Duncan, our intent is to help all of our customers maximize their investments. As a sales team, we’re always on the lookout for excellent selling and buying opportunities; as vacation rental and property management specialists, we help our clients to maximize their income potential.
Clearly, if an investment is what you seek in this market, condos are the way to go.