Townhouse sales pick up pace, prices still declining

After a massive decline in townhouse sales (644 sales in 2005 down to only 168 sales in 2011) the pace of townhouse sales finally increased (+32%) in 2012. 

Despite more townhouse buyers being in the market in 2012, prices declined further (-6%) down to a median sales price of $134,995.

A few notes as you ponder this data:

• This data set includes townhouses, duplexes and condos.
• This data includes 22 condo sales at University Place in November 2012 at $33K per sale, which brought the median price down a bit.
• Many of the buyers in the peak years of townhouse sales were investors buying investment properties --- fewer and fewer investors were buying such properties as the market declined.
• Many of the buyers in the peak years of townhouse sales were first time buyers --- whereas many would-be first time townhouse buyers are now renting instead.

If you are looking to buy a townhouse, there is a great opportunity right now with room to negotiate on many prices.

If you are looking to sell a townhouse, be realistic about pricing, market your property thoroughly, and be willing to consider leasing your property instead if it comes down to that.