COMMON INTEREST DEVELOPMENT
STATISTICS

U.S. Data. Nearly 1 out of 6 Americans, 50 million, lives in a community association. An estimated 1.25 million Americans serve on association boards, with another 300,000 serving on committees. The estimated real estate value of all community associations and their units approaches $2 trillion, approximately 15% of the value of all U.S. residential real estate and 9% of the estimated value of all U.S. real estate.

California Data. About 40% of all U.S. condominium associations are concentrated in Florida and California. As of 2007 there were approximately 9.4 million Californians living in 40,000 common interest developments ("CIDs") throughout the state.  Condos are popular with first-time buyers seeking a foothold in the market, empty-nesters and retirees wanting to avoid the upkeep of a home, and single women. About one-third of condo buyers are single women.

Sales Data. According to USA Today, "For the first time, the price midpoint for condos in the final quarter of 2003 topped that of detached single-family homes — $174,700 vs. $171,600, the National Association of Realtors has reported. Sales volume is growing faster than that of single-family homes and is closing in on 1 million units per year, NAR says."

"More condos sold in 2003 than any other year. According to a report by NAR, 898,000 existing condos sold last year, up 9.5% from 2002, and the eighth-consecutive volume record. Condo resales have grown so much, they nearly match the number of new detached single-family homes that sell each year."  For a full text of the article, click here.

Construction. More than 4 in 5 housing starts during the past 5-8 years have been built as part of an association-governed community. Each year, 6,000 to 8,000 new community associations are formed. (See CAI National for more information.)

Updated by ADAMS KESSLER 5/7/2008