2011 Market Statisitics for Condominiums in Essex County - Units down 11% and Price down 3.7%

The Condominium Housing Market in Essex County ended 2011 down on both units sold and price.  The drop in units sold was slightly greater than expected and this can be attributed to many Condo's were purchased in the peak market and now can't sell unless they lose a significant amount of money or bring money to the closing table.  Pricing is down by a few thousand dollars which can indicate that the luxury market may have influenced the stats. Some luxury markets however are down significantly from last year but are showing a sales price well above the new median of $193,250.