As the homebuying competition mounts in New York area suburbs, condos are making their way into the mix.
The number of single-family homes on the market has dwindled, and empty-nesters looking to downsize are considering apartments, pushing up interest, according to Bloomberg.
“Affordability is a challenge, and with record prices being set, condo becomes a competitor again,” Jonathan Miller, president of appraiser Miller Samuel Inc., told the publication.
In Greenwich, contracts to buy condos more than tripled in November year-over-year to 25, according to a Wednesday report by Miller Samuel and brokerage Douglas Elliman Real Estate. A majority of those deals were priced between $500,000 and $999,000.
Condo contracts also increased in Westchester County, by 24 percent.
On Long Island, excluding the Hamptons and the North Fork, they rose a modest 6.5 percent. But there were 16 deals there to buy apartments for $1 million or more, up from just eight in that price range a year earlier.
[Bloomberg] — Sasha Jones