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Median Condo Price reaches $515,000
| The median price of condominiums on the South Coast has gone past the half million-dollar mark, which is double the price of 1999. The lack of affordable housing and the high demand have continued to push the price. Last month there were 65 units sold which marks the highest level so far this year and exceeds sales for every month in 2002. The median price of a single-family home on the South Coast topped $950,000 in August. This seems to be primarily because more homes sold in the $1,000,000 to $1,200,000 range last month compared to other months this year. The August sales were a result of low interest rates and higher levels of consumer confidence in the economy. Some people say a better gauge of where we are is the median price from January through today which is $855,000. |