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 5/31/20 2019 2018 2017 2016 2015 2014
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.

Single-Family Homes

Through 5/31/20 2019 2018 2017 2016 2015 2014
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
Median Price* $429,000

DOWN from $444,000 in May

$1,190,000

UP from $1,124,000 in May

Median Days on Market* 82

UP from 74 in May

100

DOWN from 148 in May

Total Available March 1** 90

UP from 74 in May

33

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.

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