Residential Market Continues to Surge - Winter 2003

 Clearly, residential is still the hottest real estate market around.  Single-family and condominium sales are keeping residential real estate brokers happy as historically low interest rates have enabled buyers to afford  higher priced homes.  However, positive home sales have taken a bite out of the apartment market as tenants are purchasing homes.  The result is  the highest apartment vacancy rate in 10 years — 15% to 12%— depending on the product and market.