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Pricing for townhouses and condos continue to climb for the third consecutive month as customers seek an enjoyable lifestyle over the responsibilities that come with owning a single-family home. The median sales price was up 13.9 percent to $145,000 from October 2014 and the average price per-square-foot gained 8.2 percent to $141.03 during that same time period. Distressed re-sales condo properties have been particularly strong in price, reflecting the low supply at price points below $200,000 according to the latest housing market report released from the W. P. Carey School of Business at Arizona State University.
"The increase in prices for townhouses and condos is certainly part of a general trend of individuals, particularly millennials, interested in pursuing a more urban lifestyle which focuses on great experiences instead of building up a larger inventory of personal assets, which generally come with more responsibilities as a by-product,” said Michael Orr, director of the Center for Real Estate Theory and Practice and author of the report.
Although single-family sales counts were 6 percent higher than in October 2014, they are weaker than numbers for September 2015 whereas townhouse and condo sales maintained more momentum and were up 8 percent from October 2014.
“Of course, purchasing an townhouse or condo is not an option everywhere. There are several locations such as Pinal County that offer few options other than mobile homes or single-family homes,” said Orr. “However, the continued interest and increasing prices are "causing some builders to consider attached products for the first time."
Additional highlights from the October 2015 report:
Additional information on demand, supply, pricing, foreclosure starts and completions, home sales, permits, purchasers and the rental market can be found on the complete report at wpcarey.asu.edu/realtyreports. The premium site includes statistics, charts, graphs and the ability to focus in on specific aspects of the market. For more about Orr’s work, see research.wpcarey.asu.edu.