Townhouse Market

MLS Townhouse sales continued to make modest gains in May. Total townhouse sales were close to 485 sales which was about the same as in March. Year-to-date MLS townhouse sales as of the end of May were 11% below the same period in 2010.

The increase in average MLS townhouse prices has moderated over the past few months which could be a contributing factor to improved sales. Average selling price in May was $472,000 or $311 per square foot. The average selling price in May was 1% higher than 12 months ago.

Sales of MLS townhouse condos over the past three months continue to be heavily concentrated in the 1250 to 1500 square foot range. One in three townhouse sales was in this size range. The primary reason for high sales in this size range is that 30% of listings are in this size range. Sales of smaller townhouse condos under 1100 square feet and large units over 2500 square feet would likely be higher if more listings were available.