2023 Condominium Market Summary C ondominium , TIC, L oft & S tock C ooperative
A sharp decline in the number of condominium units sold in 2023 helped to stave off a bigger price drop. The return to condominium living has been greatly stymied by the strong desire to continue to work from home. New developments have been put on hold as inventory of brand new condominium sales remains stagnant. The strongest condo- minium sector continues to be that of the 2 – 3 unit buildings in the central neighbor- hoods and those in close proximity to a wide array of amenities.
2022 v. 2023
-36.4% Decrease in total Condominium ales volume ($2.569B)
-8.5% Decrease in the median
+33.3% Increase in the average days on market. (56 DOM)
sale price: ($1,093M)
-8.8% Decrease in the average price per square foot ($995.15/sq. ft.)
0% The average list wwwprice to sale price remained static (103.4%)
-30.3% The number of units sold decreased. (2,077)
Condo, TLC, Loft, Coop
Unit Sold
Median Sale Price Average DOM
District Dist. 1 Dist. 2 Dist. 3 Dist. 4 Dist. 5 Dist. 6 Dist. 7 Dist. 8 Dist. 9 Dist. 10
2023 % Chg 2023 % Chg 2023 % Chg
12
-24.1% $1,250
-6.6% 35 34.6%
43 22.9% $950 20 -44.4% $739 40 -24.5% $635 370 -28.3% $1,295 218 -37.4% $1,190
-27.9% 37 -3.2% 31
8.8%
-8.8%
-25.8% 63 50.0% -14.1% 42 61.5%
-2.9% 47
23.7%
210
-28.1% $1,513
-5.8% 43 19.4%
375 -25.1% $971
-8.1% 67
39.6%
638
-34.0% $950 45.6% $765
-13.6% 69 30.2% -0.5% 96 28.0%
43
Made with FlippingBook Online newsletter maker