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 eight years of transactions closed and current inventory.

 

Condos

 

Through 5/31/19 2018 2017 2016 2015 2014 2013 2012
Median* Sold Price $444,500 $402,500 $349,900 $299,750 $305,000 $292,500 $265,000 $244,000
Median* Days on Market 91 69 70 117 113 89 105 123
Total Condos SOLD 149 348 407 304 271 259 345 299

 

At the end of May 2019, condo prices are up approximately 10% over year-end 2018. The trend indicates roughly the same number of condos are selling so far in 2019, and those that do sell are taking 30% longer.

 

 

Single-Family Homes

 

Through 5/31/19 2018 2017 2016 2015 2014 2013 2012
Median* Sold Price $792,000 $890,000 $750,000 $682,500 $694,400 $619,000 $580,000 $575,000
Median* Days on Market 131 113 131 132 165 145 103 181
Total SF Homes Sold 32 87 95 98 91 85 90 91

 

At the end of May 2019, single family home prices are down 12% from year-end 2018. Based on the first five months of 2019, the market is trending to sell slightly fewer single family homes as compared to 2019 (down 8%). Those that do sell are taking approximately 16% longer to sell.

 

The current inventory provides an indication of potential activity. Below is a snapshot of current listings:

 

Currently Listed Condos Single-Family Homes
Median Price* $439,900

DOWN from $449,000 in May

$949,000

No change from May

Median Days on Market* 51

DOWN from 55 in May

57

DOWN from 74 in May

Total Available on May 1** 107

UP from 95 in May

41

UP from 43 in May

 

 

*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.

 

Download the PDF report.

 

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