Condos Are Leveling Up, Pleasing Lots of Homebuyers, NAHB Says
Condos are now the preference of a rising number of homebuyers due to condo design improvement designs and lifestyle changes, according to the National Association of Home Builders (NAHB).
Growth of Certain Demographic Groups
The increasing number of active retirees, couples without children, divorcees and single professionals, who want convenience and less hassle, is pushing the rise in condo sales. These demographic groups do not want to be bothered with yard maintenance and other tasks associated with maintaining single-family homes. Since they don’t have children, they can afford to exclude school districts and child care facilities in their homebuying decision.
Condo Developers Are Solving the Noise Problem
Soundproofing strategies are being incorporated in condo development to reduce noise entering condo units from other units or common areas. These include the use of more concrete or brick or thicker drywall between units. Window products that transmit less sound from one unit to the other are being used. Building designers and architects are also improving unit layouts so that one’s bedroom do not share wall with the laundry room or kitchen of the adjacent unit.
Condo Amenities Are Fulfilling Condo Owners’ Lifestyle Needs
Many condo buildings now provide swimming pools, fitness centers, games room, media rooms, and rooftop terraces and gardens. Condos are usually also located in places where restaurants, retail stores, supermarkets, spa and beauty salons abound, giving residents walkable options for dining, shopping or pampering.
Sales of Tampa Condos
In August 2015, a total of 444 Greater Tampa condos and townhouses were sold, posting an increase of 3% over the year. Condo sales for every month since February 2015 showed a year-over-year increase in sales. The median and average sales prices for condos sold in August also showed year-over-year increases.
|August 2015||August 2014|
|Median Sales Price||$ 120,000||$ 115,000|
|Average Sales Price||$ 146,950||$ 139,404|
The increased demand for condos benefited condo sellers as they got much of the amount they wanted. Condo buyers paid sellers 94.1% of their desired price.
|August 2015||August 2014|
|Average Percent of Original List Price Received||94.1%||93.8%|
|Inventory of Available Condos for Sale||1,169||1,464|
The Most Expensive Greater Tampa Condos Sold in August
The most expensive condos sold in August 2015 are two condos, sold for the same price at $ 1,075,000. They’re located in the same zip code 33602, in downtown Tampa. Eight of the most expensive condos sold in August are located in 33602.