Oct 8, 2015
With larger homes finally beginning to trade after the economic slowdown, the high-end condo market is booming.
This year, condos in Clayton worth more than $750,000 average only 75 days on the market – a huge drop from recent years! For comparison, from 2009 to 2012, those same units sat for sale for an average of 258 days.
Furthermore, the available inventory has increased notably – from just 10 units for sale in 2010 to 31 for sale this month. This tremendous jump indicates a very positive market.
Why do I think the condo market is rebounding?
Long-time owners of large family homes have adjusted to post-recession values and are now listing their properties for sale. Because these homes are selling, the owners are becoming the buyers of luxury condo units, like the Crescent, the Plaza and Maryland Walk.
In June, a $1 million-unit in the Plaza – 150 Carondelet Plaza – sold in 19 days.
I predict this trend will continue and we will see new developments in Clayton, the Central West End and the like.