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.
|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.
|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|
DOWN from $469,000 in March
UP from $991,500 in March
|Median Days on Market*||73
UP from 66 in March
UP from 106 in March
|Total Available on April 1**||89
DOWN from 94 in March
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.