But we live in Boston. And we live in condos.
Yesterday, the Grim Reaper of real estate news, The Warren Group, came out with August home price data.
The median price of single-family homes in Massachusetts tumbled 9 percent in August.
However, while “condominium sales fared even worse in August, plummeting 22.4 percent to 2,302 from 2,965 in August 2007,” “median condo prices remained relatively flat in August, climbing 1 percent to $295,000 from $292,000. The year-to-date median condo price has dipped 1.4 percent to $280,000 from $284,000.”
A drop in sales volume of 22% is tough. Within the city, we’ve seen a similar drop.
What is confusing is why would single-family homes prices drop, but not condo prices?
I haven’t quite figured it out yet; have you?
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