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South Bay Sales: Condos Vs. Homes

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While there's been much debate on the site about buying a condo versus buying a home in this market, May condo sales in South Bay weren't too shabby, reports the Daily Breeze's Muhammed El-Hasan. The median sale price of a condo and townhouse in May dropped 2.1 percent to $563,000, while the median sale price of a single-family home was $675,000, down 6.6 percent compared to a year ago. Granted, condo sales got slammed in April. "Changes in federal mortgage insurance policies also help explain the May improvement for condos and townhouses," [Carol Olney, South Bay association's president]. Also, many homebuyers see condos and townhouses as a better deal because they are less expensive per square foot than houses and are often newer, Olney said. 'Condos are so much stronger, which is really unusual. In every other down market, single-family homes have kept their value better than condos,' Olney said." [Daily Breeze]