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||$490,000||$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||187||387||348||407||304||271||269|
After the slow-down in March through May, the data is starting to reflect the increase in activity over the last 90 days. Through August 2020, the median condo price is up 9% over 2019. If we annualize YTD 2020 condos sold, we are on track to sell 38% fewer condos in 2019, but I do not think this trend is accurate as 45% of all condos sold in 2020 were closed in July and August. Condos are selling 19% faster than in 2019 (down 14 days).
Single Family Homes
|Median* Sold Price||$785,000||$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||62||94||87||95||98||91||85|
Through August 2020, the median price of single family homes sold is relatively flat (about 2% variance) as compared to 2019. Annualizing YTD 2020 single family homes sold, we are on track to sell approximately the same number of homes in 2020 as compared to 2019, but I think this trend will shift since 37% of the YTD homes sold closed in July and August. Single family homes are also selling 25% 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 $421,950 in August
UP from $1,162,500 in August
|Median Days on Market*||39
DOWN from 53 in August
DOWN from 65 in August
|Total Available March 1**||65
DOWN from 94 in August
DOWN from 40 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.