Cedar Association Realty is back with our quarterly report breaking down the condo and townhome market in Minnesota by the numbers.
The condo market only saw a 2.3% drop between second and third quarters of 2017. Compared to 2016, over all condo sales were down, but only 1.5% (1227 vs 1208). Besides 2016, the 3rd quarter of 2017 featured the most condo unit sales in the past 5 years. It will be curious to see if the amount of units sold in 2016 was the peak and it will start to decline for the next few years or if 2017 was just a small hiccup.
On the townhome side of the market, a 8.9% drop from second quarter to the third, which was a difference of 430 completed transactions. In comparison to the previous year, in 2017 there sold one more unit sold (3430 vs 3429). 2017’s unit’s sold amount was the highest since 2012. Besides a slight dip in 2014, town homes sales have been on the rise since the 2,286 units sold in 2012, which is an increase of 33%.
Check out our infographic for a full rundown of the 3rd quarter numbers and how they stand up to the previous two quarters.
