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||$455,000||$402,500||$349,900||$299,750||$305,000||$292,500||$265,000||$244,000|
|Median* Days on Market||79||69||70||117||113||89||105||123|
|Total Condos SOLD||241||348||407||304||271||259||345||299|
Through August 2019, condo prices are up approximately 13% over year-end 2018. The trend indicates roughly 4% more condos will sell in 2019, and those that do sell are taking 14% longer to sell than in 2018.
|Median* Sold Price||$774,000||$890,000||$750,000||$682,500||$694,400||$619,000||$580,000||$575,000|
|Median* Days on Market||97||113||131||132||165||145||103||181|
|Total SF Homes Sold||63||87||95||98||91||85||90||91|
Through August 2019, single family home prices are down approximately 15% from year-end 2018. The trend for 2019 indicates roughly 8% more single family homes will sell in 2019 as in 2018. Those that do sell are selling approximately 16% faster than in 2018.
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
|Currently Listed||Condos||Single-Family Homes|
DOWN from $429,000 in August
NO CHANGE from August
|Median Days on Market*||65
UP from 44 in August
UP from 45 in August
|Total Available September 1**||129
UP from 128 in August
UP from 65 in August
*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.