2012 Real Estate Review: Part 2, Condos
Part 2 of our series will take a look at the State of the Market for Lakewood Condos.
Last year there were a total of 110 sales of Condos in Lakewood. This is the highest amount since 2006 when 127 condos were sold.
The average sale in 2012 was a 2 bedroom, bath and a half condo with 1100 square feet selling for $74,400. They were listed for an average of $86,300 and took about 200 days to sell. Looking at the benchmark year of 2006, the average condo sold was a 2 bedroom, 1 bath unit with 1000 square feet. It was listed for nearly $95,000 and sold for $89,000. Market time averaged 160 days.
The lowest priced sale in 2012 was $12,000 for a 1 bedroom, 1 bath 560 square foot condo in the Kirtland House on Warren. The highest sale price was $240,000 for a 3 bedroom, 2 bath, 1800 square foot condo in the Winton Place. Needless to say it had the most amazing views of the downtown skyline and the lake!
2012 sales were up compared to those in 2011. Sales increased by 28 units, an increase of about 34%, and the average sales price increased by $10,000.
Currently there are 66 condos for sale in Lakewood with an average Listing Price of $115,900. Seven units are under contract, with an average Listing Price of $300,000. This includes several of the new condos being built at Clifton Pointe on the West End of the City. A total of 6 units have transferred thus far in 2013. The closed transactions averaged 120 days on the market, were listed for $54,600, and sold for an average of $51,900.
The Lakewood Condo market will continue on a slow path to recovery. Keep in mind that the recovery will be clouded with the sale of higher priced units at Clifton Pointe, as well as fantastic penthouse-type units on the Gold Coast. Each condo and each building should be looked at on a case-by-case basis to determine a true market value. Additionally, keep in mind the recovery of the condo market will trail that of the Single Family Market. As always, residents may track property values and neighborhood activity at www.HomeValuesInLakewood.Info. For a complete copy of the report email “Lakewood Condo Report” to Chris@ChrisBergin.com.
Chris Bergin is a licensed real estate agent with Prudential Lucien Realty in Lakewood.