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 several years of transactions closed and current inventory.
|Median* Sold Price||$450,000||$450,000||$402,500||$349,900||$299,750||$305,000||$292,500||$265,000|
|Median* Days on Market||97||84||69||70||117||113||89||105|
|Total Condos SOLD||77||387||348||407||304||271||259||345|
Through the first quarter of 2020, condo prices are flat as compared to 2019. If we annualize first quarter of 2020 condos sold, we are on track to sell 26% fewer condo than in 2019, and those that do sell are taking 15% longer (up to 13 days). Of course, this trend is not reliable due to the current COVID-19 crisis.
|Median* Sold Price||$780,000||$767,625||$890,000||$750,000||$682,500||$694,400||$619,000||$580,000|
|Median* Days on Market||139||96||113||131||132||165||145||103|
|Total SF Homes Sold||25||94||87||95||98||91||85||90|
Through the first quarter of 2020, single family home sales are relatively flat (less than 2% variance) as compared to 2019. If we annualize the first quarter of 2020 single family homes sold, we are on track to sell approximately 6% more single family homes than in 2019, and those that do sell are taking 23% longer (up to 26 days). Of course, this trend is not reliable due to the current COVID-19 crisis.
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
|Currently Listed||Condos||Single-Family Homes|
DOWN from $472,000 in March
DOWN from $1,189,000 in March
|Median Days on Market*||46
UP from 28 in March
DOWN from 129 in March
|Total Available March 1**||87
UP from 64 in March
DOWN from 47 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.