Jun 04, 2012
Multifamily is where the action is
04 Jun 2012
Posted by Andrew Kantor
There’s been plenty of news about how well multi-family housing has been doing, at least compared to single-family properties. It’s not just an anecdotal trend — here’s an interesting piece of information about Virginia property sales.
I looked at two simple sets of data, each comprising a year’s worth of sales:
- Statewide sales from May 1, 2010 to April 30, 2011 (aka, last year)
- Statewide sales from May 1, 2011 to April 30, 2012 (aka, this year)
Looking at those two sets of numbers, sales of single-family homes dropped about 2%. Condo sales were down almost 3%. Land sales were down more than 9%.
And multi-family sales were up 16.6%.
Note that this is the number of properties sold, not the total value. Also note that the total number of multi-family sales (about 224,000 in the past 12 months) is about half that of single-family homes.
Still, to see such a big disparity between multi-family sales and everything else is at least worth thinking about, no?
|Class||05/01/2010 – 04/30/2011||05/01/2011 – 04/30/2012||% Change|