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.

Condos

Through 8/31/20 2019 2018 2017 2016 2015 2014
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

Through 8/31/20 2019 2018 2017 2016 2015 2014
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
Median Price* $445,000

DOWN from $421,950 in August

$1,295,000

UP from $1,162,500 in August

Median Days on Market* 39

DOWN from 53 in August

60

DOWN from 65 in August

Total Available March 1** 65

DOWN from 94 in August

33

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.

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