Midtown's condo market is moving in the opposite direction of the overall housing industry as developers plan to convert 85 additional apartments into condos.

Overall, home sales in Memphis are down 14.3% year-to-date, according to the Memphis Area Association of Realtors. In Midtown, however, condo sales have increased by 14.6% through September, compared to the equivalent period last year. So far this year, 47 units have been sold, up from 41 in the same period last year, according to MAAR. Average days on the market remained at 70.

However, buyers are downsizing and spending a bit less, as the average square footage declined from 1,193 in 2006 to 968 in 2007 and the average sale price has gone down from $113,000 to $108,000, nearly half of the average cost for a 1,056-square-foot Downtown condo.

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