Year over year, condo prices have crept up, but usually by a small, sustainable percentage.
The last couple of years, though? Prices have skyrocketed in both neighborhoods as more people embrace a lifestyle that includes living in the hustle and bustle of downtown.
2005 – 2015 CBD/Warehouse District Average Condo Sale Prices
That’s a 39.6% increase in less than 2 years, for you math folks.
Can these values hold?
It remains to be seen, but as long as the demand increases prices will follow, although we don’t expect to see continued huge pricing gains. There are a limited amount of buyers in the over $500,000 price range, so we’ll be keeping a close eye on trends in this market.