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 11/30/19 2018 2017 2016 2015 2014 2013 2012
Median* Sold Price $460,000 $402,500 $349,900 $299,750 $305,000 $292,500 $265,000 $244,000
Median* Days on Market 84 69 70 117 113 89 105 123
Total Condos SOLD 354 348 407 304 271 259 345 299

 

Through November 2019, condo prices are up 14% over year-end 2018. The trend indicates roughly 11% more condos will sell in 2019, and those that do sell are taking 21% longer to sell than in 2018.

 

 

Single-Family Homes

 

Through 11/30/19 2018 2017 2016 2015 2014 2013 2012
Median* Sold Price $767,625 $890,000 $750,000 $682,500 $694,400 $619,000 $580,000 $575,000
Median* Days on Market 96 113 131 132 165 145 103 181
Total SF Homes Sold 88 87 95 98 91 85 90 91

 

Through November 2019, single family home prices are down approximately 16% from year-end 2018. The trend for 2019 indicates roughly 10% more single family homes will sell in 2019 as in 2018. Those that do sell are selling approximately 17% faster than in 2018.

 

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

 

Currently Listed Condos Single-Family Homes
Median Price* $462,000

UP from $425,000 in November

$1,050,000

UP from $989,499 in November

Median Days on Market* 96

DOWN from 106 in November

125

UP from 118 in November

Total Available December 1** 66

DOWN from 84 in November

64

DOWN from 66 in November

 

*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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