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||$457,000||$450,000||$402,500||$349,900||$299,750||$305,000||$292,500|
|Median* Days on Market||96||84||69||70||117||113||89|
|Total Condos SOLD||92||387||348||407||304||271||269|
Through May 2020, the median condo price is relatively flat (less than 2% variance) as compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 43% fewer condo than in 2019, and those that do sell are taking 15% longer (up 12 days). Of course, this trend is not reliable due to the current COVID-19 crisis.
|Median* Sold Price||$757,500||$767,625||$890,000||$750,000||682,500||694,400||$619,000|
|Median* Days on Market||143||113||113||131||132||165||145|
|Total SF Homes Sold||34||94||87||95||98||91||85|
Through May 2020, the median price of single-family homes sold is relatively flat (less than 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell 13% less as compared to 2019, and those that do sell are taking 27% longer (up 30 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 $444,000 in May
UP from $1,124,000 in May
|Median Days on Market*||82
UP from 74 in May
DOWN from 148 in May
|Total Available March 1**||90
UP from 74 in May
UP from 30 in May
*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.