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 eight years of transactions closed and current inventory.
|Median* Sold Price||$434,500||$402,500||$349,900||$299,750||$305,000||$292,500||$265,000||$244,000|
|Median* Days on Market||65||69||70||117||113||89||105||123|
|Total Condos SOLD||45||348||407||304||271||259||345||299|
In summary, condos sold at roughly 15% higher price in 2018 and in about the same amount of time on market as 2017. The total number of condos sold was down approximately 17% in 2018. Although early in 2019, median price is trending up nearly 8%.
|Median* Sold Price||$799,000||$890,000||$750,000||$682,500||$694,400||$619,000||$580,000||$575,000|
|Median* Days on Market||158||113||131||132||165||145||103||181|
|Total SF Homes Sold||13||87||95||98||91||85||90||91|
At the end of 2018, the median price of single-family homes was up 19% over 2017. The median days on market decreased 15% and the total properties sold was down 9%. In summary, fewer single-family homes sold in 2018 – those that did sell moved more quickly and at a higher price. The volume so far in 2019 is not sufficient to identify any trends.
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
|Currently Listed||Condos||Single-Family Homes|
DOWN from $498,888 in Feb
UP from $988,000 in Feb
|Median Days on Market*||66
NO CHANGE from Feb
DOWN from 123 in Feb
|Total Available on March 1**||94
DOWN from 103 in Feb
UP from 37 in Feb
*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.