Q4 2016 saw a continued record number of residential condo sale transactions closed, although not quite as high as Q3 2016. Once again, new development units (many of which had been pre-sold in 2015) contributed a significant amount to this data. The median price per square foot remains relatively flat both year to year and in comparison to the previous quarter.
The condop Citylights At Queens Landing closed 8 transactions in this quarter. This is the same number of transactions as Q4 2015 and a nice jump up from Q3 2016. The median price per square foot has raised 7% since Q4 2015 and the median sales price has increased 25%. Additionally, units with a higher maintenance fee are on the market for a significantly longer period of time before moving into contract at a lower price and then closing.
The townhouse market had an incredible increase year-over-year in sales volume. This is primarily due to the size of the townhouse units that were sold.