After a 50% sales plunge this spring due largely to the Covid 19 pandemic, condo sales are recovering. While many home buyers have headed to the suburbs and bigger homes, savvy buyers are scooping up great deals in the condo sector, according to the real estate brokerage Redfin.

In October, condo sales increased 22.7% nationally compared to a year earlier on a seasonally adjusted bases – Redfin data show – as home buyers are looking to acquire more affordable condos rather than high priced single-family homes. “Families are fleeing cities in search of more space in the suburbs, which has presented an opportunity for millennials who are looking to become homeowners but don’t need extra bedrooms or a backyard,” says Daryl Fairweather, Redfin’s chief economist.

Indeed, in the Washington DC market, condo buyers want to be part of the “District lifestyle.” And the demand for condos remains strong. According to Chris Finnegan, chief marketing and communications officer for Bright MLS, new pending sales in the category in the D.C. metro in October achieved double-digit increases for the fourth straight month. The days on the market for list to pending sale was at a record low, an average of seven days.

Sources: Realtor Magazine/daily news, (12/1/2020), Redfin (11/25/2020), WTOP Business & Finance (11/16/2020).