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||$487,500||$450,000||$402,500||$349,900||$299,750||$305,000||$292,500|
|Median* Days on Market||70||84||69||70||117||113||89|
|Total Condos SOLD||352||387||348||407||304||271||269|
Through October 2020, the median condo price is up 8% over 2019. If we annualize year-to-date 2020 condos sold, we are on track to sell 9% more condos than in 2019. Condos are selling 20% faster than in 2019 (down 14 days).
Single Family Homes
|Median* Sold Price||$839,999||$767,625||$890,000||$750,000||682,500||694,400||$619,000|
|Median* Days on Market||90||113||113||131||132||165||145|
|Total SF Homes Sold||101||94||87||95||98||91||85|
Through October 2020, the median price of single family homes sold is up 9% over 2019. Annualizing year-to-date 2020 single family homes sold, we are on track to sell nearly 30% more in 2020 as compared to 2019. Single family homes are also selling 25% faster in 2020 than in 2019 (down 23 days).
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
|Currently Listed||Condos||Single-Family Homes|
UP from $417,500 in October
UP from $1,198,000 in October
|Median Days on Market*||37
DOWN from 45 in October
UP from 39 in October
|Total Available on Nov. 1**||38
DOWN from 42 in October
DOWN from 33 in October
*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.