The downtown resale market continues to be relatively steady. Ignoring the highly unusual year of 2005, resale condominiums downtown have averaged more than 40 sales per month in the 2003 through 2007 period. These tabulations do not include sales by developers.
Notably, sales countrywide have fallen almost 50% in the 2003 to 2007 period, yet the downtown condominium market has persevered.
In the first quarter of 2008, sales totaled 102 units, compared to 113 sales in the first quarter of 2007 and could match the 40-unit a month total in 2008.
The price per square foot peaked in 2005-2006 at more the $600 per square foot and has now subsided to the $558 per square foot level. The peek to present reduction price per square foot is less than 10%.
Also indicative of the strngth of the resale market is “days on the market,” the period between the listing date and the date the home goes into escrow. The current quarter average of 71 days is only 11 days highewr than the traditional 60-day average. In the torrid 2004-2005 period, days on the market did decline to 40-50 day range, but that was highly unusual.