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||$480,000||$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||272||387||348||407||304||271||269|
After the slow-down in March through May, the data is now reflecting the increase in activity over the last four months. Through September 2020, the median condo price is up nearly 7% over 2019. If we annualize YTD 2020 condos sold, we are on track to sell 7% fewer condos than in 2019. Condos are selling 20% faster than in 2019 (down 14 days).
Single Family Homes
|Median* Sold Price||$815,000||$767,625||$890,000||$750,000||682,500||694,400||$619,000|
|Median* Days on Market||92||113||113||131||132||165||145|
|Total SF Homes Sold||85||94||87||95||98||91||85|
Through September 2020, the median price of single family homes sold is up 6% over 2019. Annualizing YTD 2020 single family homes sold, we are on track to sell 20% more in 2020 as compared to 2019. Single family homes are also selling 22% more quickly in 2020 than 2019 (down 21 days).
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
|Currently Listed||Condos||Single-Family Homes|
DOWN from $445,000 in September
DOWN from $1,295,000 in September
|Median Days on Market*||45
UP from 39 in September
DOWN from 60 in September
|Total Available March 1**||42
DOWN from 65 in September
SAME as September
*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.