This report is prepared by Real Condo Investors Team
There were 1,272 new high rise sales in May 2013, down -33% from May 2012 and down -22% from the May 10 year average of 1,629 sales. The best May on record for high rise sales was May 2011 with 2,691 sales.
Through the first 5 months of 2013 there have been 6,150 sales, down -32% from the same period last year. Unit type market share remained similar to previous years with the most sales being 1 Bedroom + Den units with 32% of the market. 2 Bedroom units are now second with just over 25% of the market so far in 2013 followed by 1 Bedroom units at just under 25% market share and then by 2 Bedroom + Den units with almost 9% of year to date sales. Studios are just under 6% of total high rise sales so far this year.
Remaining inventory at the end of May 2013 was 22,700 units. That's a new record high, up +2% from last month and up about +20% from May 2012.
The RealNet New Home Price Index tracks the average asking price of new housing (excluding extremes) available for sale at the end of each month. The high rise price index was $431,955 at the end of May 2013, down -1.7% from last year while the low rise price index was $644,427, up +6% from May 2012. The record difference of more than $212,000 and up from a relatively consistent average of about $75,000 from 2004 through 2010.