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.

Condos

Through 7/31/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $464,000 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500
Median* Days on Market 73 84 69 70 117 113 89
Total Condos SOLD 139 387 348 407 304 271 269

After the slow-down in March through May, the data is starting to reflect the increase in activity over the last 45-60 days. Through July 2020, the median condo price is slightly up over 2019 (3%). If we annualize YTD 2020 condos sold, we are on track to sell 60% fewer condos in 2019, but I do not think this trend is accurate as 25% of all condos sold in 2020 were closed in July. Condos are selling 14% faster than in 2019 (down 11 days).

Single Family Homes

Through 7/31/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $750,000 $767,625 $890,000 $750,000 682,500 694,400 $619,000
Median* Days on Market 95 113 113 131 132 165 145
Total SF Homes Sold 51 94 87 95 98 91 85

Through July 2020, the median price of single family homes sold is relatively flat (about 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell approximately 8% less compared to 2019, but I think this trend will shift since 24% of the YTD homes sold closed in July. Single family homes are also selling 18% more quickly in 2020 than 2019 (down 18 days).

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

Currently Listed Condos Single-Family Homes
Median Price* $421,950

DOWN from $443,500 in July

$1,162,500

UP from $1,157,000 in July

Median Days on Market* 53

DOWN from 57 in July

65

UP from 53 in July

Total Available March 1** 94

DOWN from 116 in July

40

DOWN from 42 in July

*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.

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