Townhouse/Condominium Update-HAR Report
Townhouses and condominiums experienced their 10th consecutive monthly decline in March, down 35.3 percent year-over-year with 553 closed sales versus 855 a year earlier. The average price rose 6.0 percent to $270,294 – ending four straight months of declines – and the median price rose 4.0 percent to $223,500 – ending three months of declines. Both figures are below the historic highs reached in April 2022. Inventory grew from a 1.3-months supply to 2.2 months.
Compared to pre-pandemic March 2019, when 550 units sold, townhome and condominium sales were statistically unchanged. The average price back then, at $211,430, was 21.8 percent lower and the median price, at $175,000 was 21.7 percent lower.