Do the Stats & Trends include condominiums?

Asked by Leslie Starczewski, Madison, WI Tue Sep 30, 2008

Are condominiums included in the "homes" statistics. Would the same trends apply? Thank you.

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Gail Rutkowski’s answer
Gail Rutkows…, Agent, Madison, WI
Tue Sep 30, 2008
Local statistics for the South Central Wisconsin area are compiled monthly, and differ from other parts of the country. The economy is all local (I'm sure you heard that before!)

The latest numbers for Condos in the area, as of August 31: Condos priced range up to $199,999 there are 1338 on the market and and 91 sold, so the aborbtion rate (average time it would take for all the current listings to be sold with this many sold) would be 14.70 months. This same category for single family homes look much different: Homes up to $199,999 currently have 883 listings (versusu 707 for the same period last year) with 123.42 sales would have a 7.15 month absorbtion rate, which is up from 2007, which was 5.75 months. Same amount of sales but less were on the market.

At our company we keep a careful eye on these numbers monthly. We just started breaking out the condos, since you can see there is a very different picture in the condo market, which is saturated. Here are some of the other condo price absorbtion rates:
$200-249,999 - would be a 19.18 month time frame Homes in same range: 7.12 months
$250,000-349,999 - would be a 10.12 month time frame 8.39
$350,000-499,999 - would be a 12 month time frame 11.51
$500,000-$1M+ - would be a 35.6 month time frame 16.13

Dane County Inventory Watch - August 2008
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Darren Kittl…, , Madison, WI
Tue Sep 30, 2008
Leslie-It depends upon where you're looking at this. I typically like to seperate the 2 as the statistics are very different between single family and condos. My reason for this is that the buyer profile for a condo buyer and that of a single family buyer it typically very different. In the Madison market, home sales are averaging roughly 133 days from the time they come on the market until they close. Condos, however are over 200 days on market.
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