It’s all about square footage and location, location, location.
A SFH in a poor location will be much cheaper per square foot than a condo in a good location. Currently we see nice condos in good neighbourhoods are still available for only a modest premium over old houses in bad neighbourhoods, it makes sense that the condo market is currently hot while the SFH market is on life support.
Personally I think that even after the recent drops in SFH prices, both houses and condos are significantly overpriced.