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||$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.
|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|
UP from $425,000 in November
UP from $989,499 in November
|Median Days on Market*||96
DOWN from 106 in November
UP from 118 in November
|Total Available December 1**||66
DOWN from 84 in November
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.