[The National Association of Realtors tracked the national median sales price of a condo at $223,500 [REJ]](http://www.realestatejournal.com/buyse(ll/markettrends/20050819-dunham.html). From 2001 to 2004, condos appreciated 57% while single family houses appreciated 25%.
- A demographic shift in the middle class with “single professionals, divorcees, active retirees and single parents” driving the market.
- Speculation by investors
- Developers have realized that land values can be maximzed by building condos on them instead of commerical properties.
- Rising interest in downtown living.
“The median price for a condominium surpassed that of a single-family home for the first time last year. And it appears that this year will be the 10th consecutive record-making year in terms of rising U.S. condo prices and the number of condo sales, with median condo price tags still above those for single-family homes, says Walter Molony, spokesman for the National Association of Realtors. In September, the U.S. median condo price of $213,600 was up 9% from September 2004.”