Misha Weidman is back and he brings us this little nugget (also posted on his site):
…and this quote to go along with it:
Until June 2008, condo and home prices were in lock-step in terms of price appreciation and decline. Thereafter, homes fell first and further. In March 2009, the delta between condos and home prices was a whopping 13%. Since then, however, home prices have recovered smartly: as of June, homes are about 4.5% further off their all-time highs than condos.
What does this all mean? First of all, I wouldn’t take too much consolation just yet in the upward spike in both condo and home prices since the beginning of the year. If you take a look at the chart, this happens every Jan/Feb when people start buying out of the winter doldrums. I wouldn’t predict a bottom until we see what happens this winter.
Still, the current delta of only $100,000 between median condo and median home prices seems rather small. If people are just begging to know what the historical average is, let me know and I’ll find out.
Thank you! And we’d bet there are a few that would love a little historical average.