{"id":388466,"date":"2020-11-25T08:08:20","date_gmt":"2020-11-25T13:08:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=388466"},"modified":"2020-11-25T08:08:20","modified_gmt":"2020-11-25T13:08:20","slug":"condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\/","title":{"rendered":"Condos Are Selling for a Record 17% Discount to Single-Family Homes as the Coronavirus Fuels Demand for Space"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">The desire for privacy during the pandemic is keeping a lid on condo prices, but condo sales are up 23%&#8211;on par with sales growth for single-family homes&#8211;as buyers take advantage of the discounts<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SEATTLE<\/span>, <span class=\"xn-chron\">Nov. 25, 2020<\/span> \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014 The typical single-family home that sold in the U.S. this year was purchased for an average of 17.3% more <span class=\"xn-money\">($58,000)<\/span> than the typical condo, according to a <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2993061-1&amp;h=4142779563&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fsingle-family-home-premium-condo&amp;a=new+report\" rel=\"nofollow noopener noreferrer\">new report<\/a><\/u> from Redfin (<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2993061-1&amp;h=3448781773&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=www.redfin.com\" rel=\"nofollow noopener noreferrer\">www.redfin.com<\/a><\/u>), the technology-powered real estate brokerage. That&#8217;s up from 15.4% last year and represents the largest premium since at least 2013, when Redfin began recording this data. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg\" title=\"Redfin Logo (PRNewsfoto\/Redfin)\" alt=\"Redfin Logo (PRNewsfoto\/Redfin)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>The U.S. housing market has been on fire this year, with record-low mortgage rates and remote work prompting scores of Americans to relocate. But the condo market has missed out on much of the gains as homebuyers have left dense cities in search of more space and privacy\u2014AKA single-family homes\u2014during the coronavirus pandemic.<\/p>\n<p>The median sale price of single-family homes surged 15.5% year over year in October, outpacing the condo market&#8217;s 9.9% growth. Condos are also taking longer to sell\u2014the typical condo spent 36 days on the market last month, compared with 27 days for the typical single-family home. And less than a quarter (22.8%) of condos sold for more than their listing price, compared with 36.6% of single-family homes.<\/p>\n<p>Purchases of condos, however, have been catching up. In October, condo sales rose 22.7% from a year earlier on a seasonally-adjusted basis, following a 50% plunge in the spring. That&#8217;s on par with the 23.3% growth in sales of single-family homes last month. <\/p>\n<p>&#8220;Condos sales are rebounding because buyers are finding great deals,&#8221; said Redfin Chief Economist <span class=\"xn-person\">Daryl Fairweather<\/span>. &#8220;Families are fleeing cities in search of more space in the suburbs, which has presented an opportunity for millennials who are looking to become homeowners but don&#8217;t need extra bedrooms or a backyard.&#8221;<\/p>\n<p>\n        <b><br \/>\n          <b><br \/>\n            <span class=\"xn-chron\">October 2020<\/span> Market Summary: Single-Family Homes Vs Condos<\/b><br \/>\n        <\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prnpl6 prnsbls prnpr14\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Single-family homes<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condos<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Median sale price<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$350,000 (+15.5% YoY)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$277,000 (9.9% YoY)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Median days on market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27 (-17 days YoY)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36 (-7 days YoY)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share of properties that sold above <br \/>list price<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share of properties that faced <br \/>bidding wars<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59.8%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Year-over-year change in supply <br \/>(active listings)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-27.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Year-over-year change in homes <br \/>sold (seasonally adjusted)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <b><br \/>\n            <span class=\"xn-location\">Florida<\/span> and California Rank at the Top of the List When It Comes to Price Premiums for Single-Family Homes<\/b><br \/>\n        <\/b>\n      <\/p>\n<p>In the <span class=\"xn-location\">Fort Lauderdale, FL<\/span> metropolitan area, single-family homes sold for an average of 38.3% more than condos in October\u2014the largest premium of the 86 metros in this analysis. It was followed by <span class=\"xn-location\">Bakersfield, CA<\/span>, with a 35.8% premium, and <span class=\"xn-location\">Lakeland, FL<\/span>, at 34.3%. <span class=\"xn-location\">Oklahoma City, OK<\/span> and <span class=\"xn-location\">Tucson, AZ<\/span> rounded out the top five, both at 30.3%.<\/p>\n<p>In the <span class=\"xn-location\">Seattle<\/span> metro, where single-family homes are selling for a 17.9% premium, condos are taking several months to sell rather than the usual couple of weeks, according to local Redfin real estate agent <span class=\"xn-person\">Forrest Moody<\/span>. <\/p>\n<p>&#8220;Before the pandemic, it was challenging to find a condo in <span class=\"xn-location\">Seattle<\/span> for less than <span class=\"xn-money\">$500,000<\/span>, but now there are plenty selling for under <span class=\"xn-money\">$400,000<\/span>. The people who are buying condos now are the people who couldn&#8217;t afford to buy one a couple of years ago because prices were so high,&#8221; he said. &#8220;I recently sold a condo that was within walking distance of Amazon&#8217;s headquarters for <span class=\"xn-money\">$510,000<\/span>. Condos in that building normally go for <span class=\"xn-money\">$550,000<\/span> and up.&#8221;<\/p>\n<p>There were just three metro areas where single-family homes sold for less than condos in October. <span class=\"xn-location\">San Antonio<\/span> saw the biggest gap, with single-family homes going for 12.9% less than condos, followed by <span class=\"xn-location\">Omaha, NE<\/span> (-6.2%) and <span class=\"xn-location\">Salt Lake City<\/span> (-1.7%).<\/p>\n<p>In <span class=\"xn-location\">San Antonio<\/span>, there&#8217;s been a resurgence of high-end condos in the downtown area, according to local Redfin real estate agent <span class=\"xn-person\">Jim Seifert<\/span>.<\/p>\n<p>&#8220;There are more people buying condos in <span class=\"xn-location\">San Antonio<\/span> than I&#8217;ve ever seen before,&#8221; Seifert said. &#8220;Young people who work in tech and healthcare are moving here from <span class=\"xn-location\">Seattle<\/span>, <span class=\"xn-location\">California<\/span>, <span class=\"xn-location\">Washington, D.C.<\/span> and <span class=\"xn-location\">Maryland<\/span> because <span class=\"xn-location\">San Antonio<\/span> is so much more affordable, and they have a bigger appreciation for downtown living than the average person from <span class=\"xn-location\">Texas<\/span>.&#8221;<\/p>\n<p>Seifert continued: &#8220;<span class=\"xn-location\">San Antonio&#8217;s<\/span> condo market is also likely being fueled by the fact that buyers know they can get in. There&#8217;s a shortage of single-family homes for sale, but the supply of condos is growing like wildfire, so some folks are opting for condos because they don&#8217;t want to deal with a bidding war.&#8221;<\/p>\n<p>To read the full report, including methodology and a full list of single-family home price premiums across major U.S. metro areas, please visit: <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2993061-1&amp;h=650766035&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fsingle-family-home-premium-condo&amp;a=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fsingle-family-home-premium-condo\" rel=\"nofollow noopener noreferrer\">https:\/\/www.redfin.com\/news\/single-family-home-premium-condo<\/a><\/u>. <\/p>\n<p>\n        <b>About Redfin <br \/><\/b>Redfin (<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2993061-1&amp;h=3448781773&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=www.redfin.com\" rel=\"nofollow noopener noreferrer\">www.redfin.com<\/a><\/u>) is a technology-powered residential real estate company, redefining real estate in the consumer&#8217;s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country&#8217;s #1 real estate brokerage search site, offering a host of online tools to consumers, including the <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2993061-1&amp;h=746391026&amp;u=https%3A%2F%2Fwww.redfin.com%2Fredfin-estimate&amp;a=Redfin+Estimate\" rel=\"nofollow noopener noreferrer\">Redfin Estimate<\/a><\/u>. We represent people buying and selling homes in over 90 markets in <span class=\"xn-location\">the United States<\/span> and <span class=\"xn-location\">Canada<\/span>. Since our launch in 2006, we have saved our customers over <span class=\"xn-money\">$800 million<\/span> and we&#8217;ve helped them buy or sell more than 235,000 homes worth more than <span class=\"xn-money\">$115 billion<\/span>.<\/p>\n<p>For more information or to contact a local Redfin real estate agent, visit <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2993061-1&amp;h=3448781773&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=www.redfin.com\" rel=\"nofollow noopener noreferrer\">www.redfin.com<\/a><\/u>. To learn about housing market trends and download data, visit the <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2993061-1&amp;h=1090857381&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;a=Redfin+Data+Center\" rel=\"nofollow noopener noreferrer\">Redfin Data Center<\/a><\/u>. To be added to Redfin&#8217;s press release distribution list, email <u><a target=\"_blank\" href=\"mailto:press@redfin.com\" rel=\"nofollow noopener noreferrer\">press@redfin.com<\/a><\/u>. To view Redfin&#8217;s press center, <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2993061-1&amp;h=2888431506&amp;u=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;a=click+here\" rel=\"nofollow noopener noreferrer\">click here<\/a><\/u>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF03394&amp;sd=2020-11-25\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space-301180334.html\">http:\/\/www.prnewswire.com\/news-releases\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space-301180334.html<\/a><\/p>\n<p>SOURCE  Redfin<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=SF03394&amp;Transmission_Id=202011250805PR_NEWS_USPR_____SF03394&amp;DateId=20201125\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The desire for privacy during the pandemic is keeping a lid on condo prices, but condo sales are up 23%&#8211;on par with sales growth for single-family homes&#8211;as buyers take advantage of the discounts PR Newswire SEATTLE, Nov. 25, 2020 \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014 The typical single-family home that sold in the U.S. this year was purchased for an average of 17.3% more ($58,000) than the typical condo, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. That&#8217;s up from 15.4% last year and represents the largest premium since at least 2013, when Redfin began recording this data. The U.S. housing market has been on fire this year, with record-low mortgage rates and remote work prompting &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Condos Are Selling for a Record 17% Discount to Single-Family Homes as the Coronavirus Fuels Demand for Space&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-388466","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Condos Are Selling for a Record 17% Discount to Single-Family Homes as the Coronavirus Fuels Demand for Space - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Condos Are Selling for a Record 17% Discount to Single-Family Homes as the Coronavirus Fuels Demand for Space - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The desire for privacy during the pandemic is keeping a lid on condo prices, but condo sales are up 23%&#8211;on par with sales growth for single-family homes&#8211;as buyers take advantage of the discounts PR Newswire SEATTLE, Nov. 25, 2020 \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014 The typical single-family home that sold in the U.S. this year was purchased for an average of 17.3% more ($58,000) than the typical condo, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. That&#8217;s up from 15.4% last year and represents the largest premium since at least 2013, when Redfin began recording this data. The U.S. housing market has been on fire this year, with record-low mortgage rates and remote work prompting &hellip; Continue reading &quot;Condos Are Selling for a Record 17% Discount to Single-Family Homes as the Coronavirus Fuels Demand for Space&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-25T13:08:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Condos Are Selling for a Record 17% Discount to Single-Family Homes as the Coronavirus Fuels Demand for Space\",\"datePublished\":\"2020-11-25T13:08:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\\\/\"},\"wordCount\":959,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/624025\\\/Redfin_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/condos-are-selling-for-a-record-17-discount-to-single-family-homes-as-the-coronavirus-fuels-demand-for-space\\\/\",\"name\":\"Condos Are Selling for a Record 17% Discount to Single-Family Homes as the Coronavirus Fuels Demand for Space - 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