Four data points become apparent when analyzing the sales data:
- Throughout 2005, condos constituted anywhere from 47.3% to 57% of the monthly transaction volume in 2005.
- Average and median prices for condos flatten out in 1Q06 compared to 1Q05. Condo median prices grow approximately 3% in January, February, and March 2006 compared to 2005.
- Overall, price gains are still positive for the other types of housing units, providing some cover for the flattening condo prices.
- Transaction volumes are falling through the floor (-22% to -38%).
I wonder if condo prices have hit the top of the rollercoaster's incline and are now poised for a steep fall.
The tables below show the growth (+) or decline (-) of housing prices in 2006 vice 2005.