Miami, FL (August 9, 2010) – Condo.com, the world's largest condo marketplace, reveals positive market data for the second quarter of 2010 with a focus on five major cities. Chicago, Las Vegas, Los Angeles, Miami and D.C. were the cities chosen for the quarterly analysis.
Condo unit sales grew in almost all of the Featured Cities compared to the first quarter of this year. Chicago experienced exceptional high sales of 2,349 units in total, a near 37% increase over the 1,716 units sold last quarter. Las Vegas reported a similar impressive growth in sales of almost 25%.
Unit Sales
Featured Cities Q1 Q2 % Change
Chicago, IL 1,716 2,349 36.9%
Las Vegas, NV 1,043 1,301 24.7%
Los Angeles, CA 2,350 2,655 13.0%
Miami, FL 2,032 2,126 4.6%
Washington, DC 1,156 1,135 -1.8%
Inventory for Sale
Featured Cities Q1 Q2 % Change
Chicago, IL 40,295 47,048 16.8%
Las Vegas, NV 4,702 5,660 20.4%
Los Angeles, CA 9,735 10,444 7.3%
Miami, FL 11,958 11,288 -5.6%
Washington, DC 5,680 6,423 13.1%
Median Sales Price
Featured Cities Q1 Q2 % Change
Chicago, IL $209,000 $246,250 17.8%
Las Vegas, NV $60,180 $70,000 16.3%
Los Angeles, CA $294,00 $300,000 2.0%
Miami, FL $188,800 $153,250 -18.8%
Washington, DC $319,000 $365,000 14.4%
The overall condo market is headed on to recovery as buyer confidence is being restored, prices are beginning to stabilize and sales are picking up nationwide. Condo sales nationwide experienced a 16% increase in Q2 compared to Q1. Now is still the time to buy as we see prices starting to slowly move upwards in each of the above featured markets (with the exception of Miami – Ground Zero for Condos) and across the country. Median sale prices in Chicago and Las Vegas rose substantially, indicating a faster pace to recovery while prices remain consistently low in Miami and D.C. indicating an ideal time to buy.
Unlike other real estate data sources, Condo.com provides condo-specific data down to the building level with the ability to search by city, state, neighborhood, zip code or building name. Since the housing market is changing rapidly, it is important to have accurate data on a nationwide and local level. Users look to Condo.com as a reputable source for obtaining insightful statistics on current market conditions. Real estate agents, investors, bankers, corporations, and everyday home buyers and sellers can benefit from the thorough analysis provided through Condo.com's Market Data platform. Click here to view our comprehensive and nationwide market data: http://www.condo.com/MarketData/.
About Condo.com
Condo.com (www.condo.com) is the world's largest condominium marketplace with over 800,000 listings valued in excess of $250 billion. The site is a consumer-facing, online real estate portal which receives over 1 million visitors monthly and is dedicated to the evolution and prosperity of the condominium real estate market. Condo.com improves and simplifies the way people buy, sell, rent, live and vacation in condos. Condo.com lists condos for sale and for rent in the United States and 70+ countries around the world. The Company cost-effectively delivers exposure and qualified leads to developers, brokers and owners through the seamless distribution of its listings to a global network of real estate websites visited by over 15 million viewers per month. The company is also a licensed real estate brokerage business in multiple markets and has a growing nationwide network of licensed real estate agents providing brokerage services. Condo.com is privately held and headquartered in Miami, Florida.