The regional condo market has remained relatively flat during the past year while the nationwide condominium market keeps up with record-breaking, single-family home sales

Nationally, 898,000 existing condos were sold in 2003, nearly a 10 percent increase from 820,000 in 2002. That set the record for units sold in a year and marked the eighth consecutive annual record for the condo market.

Regionally, the Midwest had the fewest sales with 109,000 units sold in 2003. That number was up from the 97,000 in 2002, but was significantly lower than most other areas of the country. Condos were most abundant in the South, where 409,000 were sold in 2003, up from 376,000 the previous year. In the West, the amount sold jumped to 251,000 in 2003 from 233,000 in 2002. The Northeast sold 148,000 condos, up from 132,000 in 2002.

Although the number of condos sold in the Midwest and Northeast is lower than other areas of the country, their popularity spiked more drastically than either the South or West. Condo sales grew by about 12 percent in the Midwest and Northeast, while they hovered between 8 percent and 9 percent elsewhere.

By M. Sese
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