Single women make up the second largest segment of homebuyers -- behind married couples -- and singles account for more of the market than they did two years ago.

The National Association of Realtors, in its 2003 Profile of Home Buyers and Sellers survey, says single women accounted for 21 percent of transactions in early 2003. Married couples bought 59 percent of homes, single males snatched up 11 percent of the houses, and unmarried couples accounted for 8 percent.

The singles' share of the market -- at 32 percent -- is a healthy increase over 2001, when single females made up 15 percent of home sales and single males made up just 7 percent.

NAR points out that although the percentages of single males and females are higher than reported for 2001, seasonal buying patterns could be inflating the growth in this buying segment during the first quarter of this year. Even so, the survey analysts say the results reinforce previous findings regarding the significance of women buyers.

Single buyers in general are becoming more common in many parts of the country, backed by Realtor reports and record condo sales.

"Alexandria is currently maintaining a sellers' market," said Tamara Inzuna, a Realtor there. "In Alexandria you'll likely find single buyers who want to own a home rather than continue paying rent. Condos, which are still the hottest selling type of property under $200,000, are being snapped up quickly. If you're looking for a condo, be prepared to compete with other buyers."

In fact, the NAR reported that existing condominium and cooperative sales set a record during the April to June quarter. Many new condos are being built to attract the "luxury" buyer, within that segment single Empty Nesters. In addition, there are many condo and townhouse developments that attract younger, single, buyers scrimping and saving to own their first home.

"The pace of condo sales during the first half of this year is unprecedented and we should easily set an annual record for 2003," said David Lereah, NAR chief economist. "In fact, this will be the eighth consecutive year in which condo and co-op sales set a record, with low interest rates stimulating all sectors of the market. Even with mortgage interest rates rising over the last few weeks, they remain very attractive and coincide with a strong underlying demand for housing."

The median existing condo price during the second quarter was $163,500 -- 15.1 percent higher than the same quarter in 2002. The median is a typical market price where half of the units sold for more and half sold for less. The rate is double that of single-family homes -- the median price of which was $168,900 in the second quarter, up 7.4 percent from a year earlier.

Condos are typically more affordable and may suit a single's lifestyle: typically there's little upkeep, you have neighbors -- likely other singles -- close by, and you may have access to community facilities, like a pool or workout room. But you'll also need to consider you probably won't have much privacy outdoors or any type of backyard. You'll also need to factor in how much you'll pay for your homeowners' association fees.

In addition, if you're single and you plan on buying soon, you'll want to do the following:

Published: October 14, 2003

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