Condo Fever

Michael Sheehan

Physician's Money Digest, March15 2004, Volume 11, Issue 5

It's no secret that real estate prices aregoing up. What's not generally known,though, is that the cost of condominiums,apartments, and town houses are risingtwice as fast as detached housing. Accordingto the National Association ofRealtors, the median resale price on condoswas $163,500 last year, up 15.1%,compared to a 7.4% rise in the medianprice on a single family home. The medianprice on a condo is now only $6500less than the cost of a standalonehouse. Some possible factors includeincreased demand from older coupleswho have sold the family homestead, aswell as from young first-time buyers.Regionally, the West recorded the biggestgains at 23%; the smallest increases werein the Midwest, where condo costsnotched a 6.3% gain.