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||$439,000||$450,000||$402,500||$349,900||$299,750||$305,000||$292,500||$265,000|
|Median* Days on Market||97||84||69||70||117||113||89||105|
|Total Condos SOLD||89||387||348||407||304||271||259||345|
Through April 2020, the median condo price is down 2.5% compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 44% fewer condo than in 2019, and those that do sell are taking 15% longer (up 13 days). Of course, this trend is not reliable due to the current COVID-19 crisis.
|Median* Sold Price||$780,000||$767,625||$890,000||$750,000||$682,500||$694,400||$619,000||$580,000|
|Median* Days on Market||148||113||113||131||132||165||145||103|
|Total SF Homes Sold||31||94||87||95||98||91||85||90|
Through April 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 the same number as in 2019, and those that do sell are taking 30% longer (up 35 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 $449,900 in April
DOWN from $1,123,000 in April
|Median Days on Market*||74
UP from 46 in April
UP from 127 in April
|Total Available March 1**||74
DOWN from 87 in March
DOWN from 35 in April
*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.