Focus on Condos

This week we're back around to condos on our continuing area/market segment carousel. We have some minor changes in market conditions here since I last reported on this segment back in January, but things haven't really changed a lot.

We currently have 14 active condo listings on the market this afternoon. One of them is an REO, 8 are short sales, and 5 are traditional sellers. It's kind of interesting to see more traditional sellers in this segment, but a lot of them are in the newer Providence Landing condos - there's a long and technical discussion about those that I'll spare you.

Sales activity has picked up in the segment in recent months. We currently have 9 contingent listings, all short sales. Additionally, we have 6 pending units (3 REO/2 SS/1 Trad). We've had 14 sold units (7 REO/3 SS/4 Trad) in the segment over the past three months, which is up quite a bit from when I reported on this in January.

Demand for condos still appears to be somewhat less than it is for entry level houses, but it's still not bad. Prices appear to have flattened out in recent months, and unless we see a further dip in the overall market, I expect that we'll be pretty flat here for a while, with recovery coming a little later than it comes to the entry level house segment of the market.

Next week I'll have an update on North Vandenberg Village.