While single-family homes sales continue their early spring lackluster performance last month, their numbers look pretty good when compared to the townhome/condo market.

February’s home sales were down 14.1%, according to the Northeast Tennessee Association of Realtors (NETAR) Home Sales Report while local townhome sales tumbled 38.9%.

A comparison of price growth is a different matter. The region’s overall median price growth was a little of 4% in February. The townhome median sales price was up 15.2%.

A similar contrast exists at the national level. “The condominium market appears to be softer than single-family, and it doesn’t appear to be specifically related to the Florida market, said NAR Chief Economist Lawrence Yun during a recent call with journalists.

One reason for the poor performance is the perception among some buyers that townhomes have less potential for appreciation when compared to single-family homes.

Other reasons include noise transference and a lack of privacy due to the shared walls in townhomes and condos and homeowner association fees – an added monthly expense to an individual’s or family’s total housing costs. Townhomes have also seen an increase as rental properties.

There were 22 local townhome sales last month and the median price was $207,950. This time last year there were 38 sales, and the median sales price was $180,500.

There were 97 townhomes for sales last month giving the region 2.9 months of inventory. This time last year there were 77 townhome listings.

Pending sales for the townhome/condo market don’t offer much relief for the March sales report. Sellers accepted 14 new contracts last month and demand – as measured by the cumulative days on the market – has increased to 79 days from 49 days.

There were 44 new listings last month, down from 46 last year.