Condos see third year of price increases
In 2012 condos showed promising signs of prices beginning to bounce back. In 2013 condo sales prices clearly showed the market had rebounded. What was interesting about 2013 was that even after two years of price increases, the sales volumes didn't fall off. The reason for this was that inventory was running low on some of the floor plans at their current pricing levels. Meanwhile other floorplans that had not seen absorption for years were beginning to pick up the slack. The lack of inventory really became apparent in 2014. Even though we had price increases of 10% in both 2013 and 2014, our sales volumes were off by 21% when compared to the previous two years. I expect this trend to continue in 2015.