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 2/28/19 2018 2017 2016 2015 2014 2013 2012
Median* Sold Price $434,500 $402,500 $349,900 $299,750 $305,000 $292,500 $265,000 $244,000
Median* Days on Market 65 69 70 117 113 89 105 123
Total Condos SOLD 45 348 407 304 271 259 345 299

 

In summary, condos sold at roughly 15% higher price in 2018 and in about the same amount of time on market as 2017.  The total number of condos sold was down approximately 17% in 2018.  Although early in 2019, median price is trending up nearly 8%.

 

 

Single-Family Homes

 

Through 2/28/19 2018 2017 2016 2015 2014 2013 2012
Median* Sold Price $799,000 $890,000 $750,000 $682,500 $694,400 $619,000 $580,000 $575,000
Median* Days on Market 158 113 131 132 165 145 103 181
Total SF Homes Sold 13 87 95 98 91 85 90 91

 

At the end of 2018, the median price of single-family homes was up 19% over 2017.  The median days on market decreased 15% and the total properties sold was down 9%.  In summary, fewer single-family homes sold in 2018 – those that did sell moved more quickly and at a higher price.  The volume so far in 2019 is not sufficient to identify any trends.

 

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

 

Currently Listed Condos Single-Family Homes
Median Price* $469,000

DOWN from $498,888 in Feb

$991,500

UP from $988,000 in Feb

Median Days on Market* 66

NO CHANGE from Feb

106

DOWN from 123 in Feb

Total Available on March 1** 94

DOWN from 103 in Feb

38

UP from 37 in Feb

 

 

*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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