Wednesday, September 2, 2009

August Condo and Townhouse Sales for Bloomington

The students have moved back into Bloomington and Bloomington residents are back from their vacations. Life is bustling all over town. The b-line trail, pictured at left, is full of activity with walkers and bikers and runners. How many of these folks bought a condo or townhouse in August? 33
The condo market is not as active in Bloomington as the single family home market, but as with yesterday's posting, we are seeing a constant upward movement in our market from the same period last year in regard to the number of sales.

So here are the numbers for August sales of condos and townhouses in Bloomington:

  • Total sales: 33
  • Average sales price: $116.012
  • Average price per square foot: $87
  • Average days on the market: 197
  • Average list price to sales price ratio: 93%

In my opinion, Bloomington needs more affordable condos for retirees, graduate students and young professionals who want to stay in Bloomington and become home owners. The current Bloomington condo market consists of mostly rentals geared toward students. I would really like to see some smart new growth to offer home ownership opportunities to a larger section of the population.

How can this be done? By building condos near shopping areas and mass transit. The condos should have a modern and open floor plan and offer single level living for those who find stairs challenging. Attractive two story buildings that fit into the landscape could be built and offered at an affordable price so that the benefits of home ownership are more widely available.

With Bloomington's push to attract retires along with Bloomington's hope to retain young professionals after graduation from IU and Ivy Tech, we should offer a different type of housing option than we are currently seeing in our community.

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