There are several different data points to review when analyzing the current market including median price, days on market and total inventory sold. Below is a snapshot of the last eight years of transactions closed and current inventory.

 

Condos

 

Through 3/31/19 2018 2017 2016 2015 2014 2013 2012
Median* Sold Price $420,000 $402,500 $349,900 $299,750 $305,000 $292,500 $265,000 $244,000
Median* Days on Market 74 69 70 117 113 89 105 123
Total Condos SOLD 71 348 407 304 271 259 345 299

 

At the end of the first quarter of 2019, condo prices are up approximately 4% over year-end 2018. Fewer condos are selling so far in 2019 (trending 78% in 2018) and those that do sell are taking 7% longer to sell.

 

 

Single-Family Homes

 

Through 3/31/19 2018 2017 2016 2015 2014 2013 2012
Median* Sold Price $800,000 $890,000 $750,000 $682,500 $694,400 $619,000 $580,000 $575,000
Median* Days on Market 149 113 131 132 165 145 103 181
Total SF Homes Sold 17 87 95 98 91 85 90 91

 

At the end of the first quarter of 2019, single family home prices are down 11% from year-end 2018. Fewer single family homes are selling (trending 73% of 2018) and those that do sell are taking 31% longer to sell.

 

The current inventory provides an indication of potential activity. Below is a snapshot of current listings:

 

Currently Listed Condos Single-Family Homes
Median Price* $499,000

DOWN from $469,000 in March

$995,000

UP from $991,500 in March

Median Days on Market* 73

UP from 66 in March

116

UP from 106 in March

Total Available on April 1** 89

DOWN from 94 in March

34

DOWN from 38 in March

 

 

*Median Price is the middle value for a range of values and is a good indicator to use when there is significant data. It minimizes the impact of unusually high or low values and gives a better perspective of the big picture.

 

**Total Available excludes properties currently under contract.

 

Download the PDF report.

 

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