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||$452,500||$450,000||$402,500||$349,900||$299,750||$305,000||$292,500|
|Median* Days on Market||89||84||69||70||117||113||89|
|Total Condos SOLD||100||387||348||407||304||271||269|
Through June 2020, the median condo price is relatively flat as compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 51% fewer condo than in 2019, and those that do sell are taking 5% longer (up 7 days). Of course, this trend is not reliable due to the current COVID-19 crisis.
Single Family Homes
|Median* Sold Price||$735,000||$767,625||$890,000||$750,000||682,500||694,400||$619,000|
|Median* Days on Market||126||113||113||131||132||165||145|
|Total SF Homes Sold||39||94||87||95||98||91||85|
Through June 2020, the median price of single family homes sold is slightly up (about 4%) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell approximately 12% less as compared to 2019, and those that do sell are taking 11% longer (up 13 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|
UP from $429,000 in June
DOWN from $1,190,000 in June
|Median Days on Market*||57
DOWN from 82 in June
DOWN from 100 in June
|Total Available March 1**||116
UP from 90 in June
UP from 33 in June
*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.