At the end of April 2022, there appears to be a shift in the market. The data shows sold prices are still up in 2022, days on market are down and inventory is still low. That being said, my personal observations show a slightly different reality as we move into May. Listings are getting few showings and offers are coming slower. In the first quarter of 2022 most new listings would get multiple offers within the first couple days of being listed. Starting mid-April this has changed. What is the reason for this shift? Having discussed this with other local Realtors®, there are a few theories. Partially this can be attributed to the normal slow down during shoulder season (the slow time in Mammoth Lakes from May – June). Could the rising interest rates and concerns about the economy also play a role? Whatever the reason, it will be interesting to see how the second quarter unfolds.
This article highlights the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.
What’s Happening in the Mammoth Lakes Real Estate Market?
It is helpful to look at the current market in two different segments: single-family homes and condos/ townhomes. This data is through April 30, 2022.
Condos
- The YTD median sales price for condos sold through April 2022 is $800,000 which is up 30% over 2021.
- The median days on market YTD is 47 days which is down 5 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 127 condos have closed escrow so far in 2022 (32 per month) as compared to 2021 where the average was 38 per month.
- There are 33 active condos listed for sale as of May 1 as compared to 35 on April 1.
- There are 51 pending sales on May 1 as compared to 52 last month.
Single-Family Homes
- The YTD median sales price for single-family homes through April 2022 is $1,415,000 which is up approximately 23% over 2021.
- The median days on market is 68 days which is down from 70 days in 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 33 single-family homes closed escrow through April 2022 (8 per month) which is down from 11 average monthly in 2021.
- There are 19 active single-family homes listed for sale on May 1 which is up from 16 last month.
- There are 10 pending sales on May 1 which is down from 11 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
It is important to have realistic expectations when selling your property. Mammoth Lakes is a different market than Southern California. While there is still demand for properties and low inventory, pricing your property right is critical. Most buyers know that properties in Mammoth are selling over list price. By pricing your property too high, it will just sit on the market. Low inventory generally makes for a seller’s market but this could change with increasing interest rates, changing lending policies on second/vacation homes and geopolitical events. If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session.
What Does This Mean for Mammoth Lakes Area Home Buyers?
Buyers in this market need 3 skills: patience, perseverance, and the ability to act quickly. Patience is needed since there are not many properties available and when they are listed, sellers do not always seem to have a sense of urgency to respond. Making offers on multiple properties and losing to a higher offer also requires perseverance. If you have lost on previous offers, stick with it. Other buyers are frustrated and have moved to the sidelines which means less competition for you. With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in – this often means being willing/able to make an offer without seeing the property in person first. Do you have your financials in order? Do you need a pre-approval letter? We can connect you with lenders who have a proven track record of success in our area. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. We can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.
Conclusion
Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market. I have created guides to help with both the buying and selling process. You can access the guides on my website:
Ultimate Mammoth Lakes Sellers Guide
Ultimate Mammoth Lakes Buyers Guide
Notes:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *Median price = middle value. This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
- **Total Available excludes properties under contract/pending which have not yet closed.
At the end of the first quarter, there appears to be a small shift in both pricing and days on Market for condos and single-family homes in Mammoth Lakes. The big metric to watch is the number of active listings and this number is trending slightly up for combined inventory month over month since January (up for condos and flat for single-family homes). The bottom line remains the same as the past several months – low inventory is selling for higher prices and more quickly than in previous years.
This article highlights the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.
What’s Happening in the Mammoth Lakes Real Estate Market?
It is helpful to look at the current market in two different segments: single-family homes and condos/ townhomes. This data is through March 31, 2022.
Condos
- The YTD median sales price for condos sold the first quarter of 2022 is $775,000 which is up 27% over 2021.
- The median days on market YTD is 48 days which is down 4 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 93 condos have closed escrow so far in 2022 (31 per month) as compared to 2021 where the average was 38 per month.
- There are 35 active condos listed for sale as of April 1 as compared to 19 on March 1.
- There are 52 pending sales on April 1 as compared to 61 last month.
Single-Family Homes
- The YTD median sales price for single-family homes through the first quarter of 2022 is $1,225,000 which is up approximately 6% over 2021.
- The median days on market is 71 days which is down from 113 days in 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 27 single-family homes closed escrow in the first two months of 2022 (9 per month) which is down from 11 average monthly in 2021.
- There are 16 active single-family homes listed for sale on April 1 which is the same as last month.
- There are 11 pending sales on April 1 which is down from 12 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
If priced right, properties are selling quickly and for over asking price in Mammoth Lakes area. Note the median days on market for sold properties includes the entire escrow period (30 days on average). As the numbers indicate, this is a great time to sell. No one can predict how long this seller’s market will last. Low inventory generally makes for a seller’s market but this could change with increasing interest rates, changing lending policies on second/vacation homes and geopolitical events. If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session.
What Does This Mean for Mammoth Lakes Area Home Buyers?
Buyers in this market need 3 skills: patience, perseverance, and the ability to act quickly. Patience is needed since there are not many properties available and when they are listed, sellers do not always seem to have a sense of urgency to respond. Making offers on multiple properties and losing to a higher offer also requires perseverance. With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in – this often means being willing/able to make an offer without seeing the property in person first. Do you have your financials in order? Do you need a pre-approval letter? We can connect you with lenders who have a proven track record of success in our area. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. We can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.
Conclusion
Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market. I have created guides to help with both the buying and selling process. You can access the guides on my website:
Ultimate Mammoth Lakes Sellers Guide
Ultimate Mammoth Lakes Buyers Guide
Notes:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *Median price = middle value. This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
- **Total Available excludes properties under contract/pending which have not yet closed.
After record low inventory levels for both single family homes and condos the last 3 months, local inventory is increasing as we move further into 2022. There are 35 listings as of February 1 as compared to 18 this time last month (condos and SFH combined).
This article highlights the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.
What’s Happening in the Mammoth Lakes Real Estate Market?
It is helpful to look at the current market in two different segments: single family homes and condos/ townhomes. This data is through February 28, 2022.
Condos
- The YTD median sales price for condos sold the first two months of 2022 is $775,000 which is up 27% over 2021. With only two months of data, the median data will have more meaning as we move through the year.
- The median days on market YTD is 50 days which is down 2 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 50 condos have closed escrow so far in 2022 (25 per month) as compared to 2021 where the average was 38 per month.
- There are 19 active condos listed for sale as of March 1 as compared to 18 on February 1.
- There are 61 pending sales on March 1 as compared to 64 last month.
Single Family Homes
- The YTD median sales price for single family homes so far in 2022 is $1,025,000 which is down 12% over 2021. With only two months of data, the median data will have more meaning as we move through the year.
- The median days on market is 90 days which is down from 113 days in 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 17 single family homes closed escrow in the first two months of 2022 (8.6 per month) which is down from 11 average monthly in 2021.
- There are 16 active single-family homes listed for sale on March 1 which is 6 more than February 1.
- There are 12 pending sales on March 1 which is the same as last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
If priced right, properties are selling quickly and for over asking price in Mammoth Lakes area. Note the median days on market for sold properties includes the entire escrow period (30 days on average). As the numbers indicate, this is a great time to sell. No one can predict how long this seller’s market will last. Low inventory generally makes for a seller’s market but this could change with increasing interest rates, changing lending policies on second/vacation homes and geopolitical events. If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session.
What Does This Mean for Mammoth Lakes Area Home Buyers?
Buyers in this market need 3 skills: patience, perseverance, and the ability to act quickly. Patience is needed since there are not many properties available and when they are listed, sellers do not always seem to have a sense of urgency to respond. Making offers on multiple properties and losing to a higher offer also requires perseverance. With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in – this often means being willing/able to make an offer without seeing the property in person first. Do you have your financials in order? Do you need a pre-approval letter? We can connect you with lenders who have a proven track record of success in our area. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. We can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.
Conclusion
While the real estate market continues to be hot in Mammoth Lakes and nationally, there are signs the market may be more balanced as we move further into 2022. For a national look at the state of real estate in 2022, check out our this blog post.
Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market. I have created guides to help with both the buying and selling process. You can access the guides on my website:
Ultimate Mammoth Lakes Sellers Guide
Ultimate Mammoth Lakes Buyers Guide
Notes:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *Median price = middle value. This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
- **Total Available excludes properties under contract/pending which have not yet closed.
As we enter September 2021, the Mammoth Lakes real estate market continues to be hot seller’s market. What does that mean? Simply put, it means there are more buyers than sellers. The difference I see today as compared to the last few months is buyers are getting tired. Buyer fatigue is caused by losing out more than once in multiple offer situations. Many buyers have decided to take a break and re-enter the market at a later time. This could be seen as good news for both buyers and sellers. For buyers, there are fewer people competing for the same few properties. The good news for sellers is inventory is nowhere near normal levels so if your property is priced right, there are still buyers looking.
This article highlights the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.
What’s Happening in the Mammoth Lakes Real Estate Market?
It is helpful to look at the current market in two different segments: single family homes and condos/townhomes. This data is through the end of August 2021.
Mammoth Lakes Condos
- The YTD median sales price for condos through August 31, 2021 is $599,000 which is up approximately 1% over last month and up 26% over 2020.
- The median days on market is 51 days which is down 16 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 305 condos have closed escrow through August 31 (average of 38.1 per month) as compared to 2020 where 442 condos sold (average of 36.83 per month).
- There are 27 active condos listed for sale as of September 1 as compared to 41 last month.
- There are 75 pending sales which is the same as the previous month.
Mammoth Lakes Single Family Homes
- The YTD median sales price for single family homes through August 2021is is $1,227,500 which is down 6% over the previous month and up 40% over 2020.
- The median days on market is 60 days which is down 22 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 92 single family homes have closed escrow through August 31 (average of 11.5 per month) as compared to 2020 where 133 sold (average of 11.08 per month).
- There are 21 active single-family homes listed for sale on September 1 which is two more than last month.
- There are 19 pending sales as compared to 20 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
If priced right, properties are selling quickly in Mammoth Lakes area. Note the median days on market for sold properties includes the entire escrow period (30 days on average). As the numbers indicate, this is a great time to sell. No one can predict how long this seller’s market will last. The inventory levels have not increased as expected keeping competition high for the few active listings. If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property. This will include a recommendation for pricing as well as suggestions for preparing your property for sale. I am reminding sellers that just because this is a seller’s market, we still need to price right. The properties that price slightly below the current market value are receiving multiple over list price offers. The properties that are priced too high are just sitting with no showings and no offers. Not to be harsh, although it is a great time to sell it is not a time to be greedy.
What Does This Mean for Mammoth Lakes Area Home Buyers?
With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in. Do you have your financials in order? Do you need a pre-approval letter? I can connect you with lenders who have a proven track record of success in our area. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.
Conclusion
Many have asked if the real estate market is going to crash. Specifically, how is today’s market different than the one that caused the 2008 meltdown. Check out my blog post which directly addresses this question.
Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market. I have created guides to help with both the buying and selling process. You can access the guides on my website:
Ultimate Mammoth Lakes Sellers Guide
Ultimate Mammoth Lakes Buyers Guide
Notes:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *Median price = middle value. This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
- **Total Available excludes properties under contract/pending which have not yet closed.
Download the September market update.
As of July 1, 2021, the Mammoth Lakes real estate market continues to be hot seller’s market. What does that mean? Simply put, it means there are more buyers than sellers. I continue to receive new buyer calls daily and there are not a lot of options for them. If/when they do find a property they like, there or multiple offers and often over list price. The good news for buyers is inventory is slowing increasing which means more options. The good news for sellers is inventory is nowhere near normal levels so you will continue to have less competition.
In this article, we are going to highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.
What’s Happening in the Mammoth Lakes Real Estate Market?
It is helpful to look at the current market in two different segments: single family homes and condos/townhomes. This data is through the end of June 2021.
Mammoth Lakes Condos
- The YTD median sales price for condos through June 30, 2021is $582,500 which is up almost 3% over last month and up 23% over 2020.
- The median days on market is 49 days which is down 18 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 227 condos have closed escrow (average of 37.83 per month) as compared to 2020 where 442 condos sold (average of 36.83 per month).
- There are 44 active condos listed for sale as compared to 47 for the previous month.
- There are 70 pending sales which is down 6% from last month.
Mammoth Lakes Single Family Homes
- The YTD median sales price for single family homes through June 2021is is $1,500,000 which is flat over the previous month and up 71% over 2020.
- The median days on market is 61 days which is down 21 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 63 single family homes have closed escrow (average of 10.5 per month) as compared to 2020 where 133 sold (average of 11.08 per month).
- There are 20 active single-family homes listed for sale which is the same as last month.
- There are 26 pending sales as compared to 14 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
If priced right, properties are selling quickly in Mammoth Lakes area. Note the median days on market for sold properties includes the entire escrow period (30 days on average). As the numbers indicate, this is a great time to sell. No one can predict how long this seller’s market will last. The inventory levels have not increased as expected keeping competition high for the few active listings. If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property. This will include a recommendation for pricing as well as suggestions for preparing your property for sale. I am reminding sellers that just because this is a seller’s market, we still need to price right. The properties that price slightly below the current market value are receiving multiple over list price offers. The properties that are priced too high are just sitting there with no showings and no offers. Not to be harsh, although it is a great time to sell it is not a time to be greedy. Over priced properties are just sitting and getting no showings or offers.
What Does This Mean for Mammoth Lakes Area Home Buyers?
With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in. Do you have your financials in order? Do you need a pre-approval letter? I can connect you with lenders who have a proven track record of success in our area. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.
Conclusion
Many have asked if the real estate market is going to crash. Specifically, how is today’s market different than the one that caused the 2008 meltdown. Check out my blog post which directly addresses this question.
Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market. I have created guides to help with both the buying and selling process. You can access the guides on my website:
Ultimate Mammoth Lakes Sellers Guide
Ultimate Mammoth Lakes Buyers Guide
Notes:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *Median price = middle value. This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
- **Total Available excludes properties under contract/pending which have not yet closed.
As of June 1, 2021, the Mammoth Lakes real estate market continues to be hot seller’s market. What does that mean? Simply put, it means there are more buyers than sellers. I continue to receive new buyer calls daily and there are not a lot of options for them. If/when they do find a property they like, there or multiple offers and often over list price. The good news for buyers is inventory is slowing increasing which means more options. The good news for sellers is inventory is nowhere near normal levels so you will continue to have less competition.
In this post, we are going to highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.
What’s Happening in the Mammoth Lakes Real Estate Market?
It is helpful to look at the current market in two different segments: single family homes and condos/townhomes. This data is through the end of May 2021.
Condos
- The YTD median sales price for condos through April 30, 2021is $565,500 which is up almost 3% over last month and up 22% over 2020.
- The median days on market is 49 days which is down 18 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 198 condos have closed escrow (average of 39.6 per month) as compared to 2020 where 442 condos sold (average of 37 per month).
- There are 47 active condos listed for sale as compared to 45 for the previous month.
- There are 66 pending sales which is down 15% from last month.
| Currently Listed | Condos |
| Median* Price | $575,000 ↓DOWN from $610,000 in April |
| Median* Days on Market | 37 ↑UP from 27 in April |
| Total Available on May 1** | 47 ↑UP from 45 in April |
Single Family Homes
- The YTD median sales price for single family homes through May 2021is is $1,500,000 which is flat over the previous month and up 71% over 2020.
- The median days on market is 62 days which is down 20 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 54 single family homes have closed escrow (average of 10.8 per month) as compared to 2020 where 133 sold (average of 11 per month).
- There are 20 active single-family homes listed for sale as compared to 17 last month.
- There are 14 pending sales as compared to 13 last month.
| Currently Listed | Single Family Homes |
| Median* Price | $974,750 ↓DOWN from $1,099,000 in April |
| Median* Days on Market | 50 ↑UP from 32 in April |
| Total Available on May 1** | 20 ↑UP from 17 in April |
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
If priced right, properties are selling quickly in Mammoth Lakes area. Note the median days on market for sold properties includes the entire escrow period (30 days on average). As the numbers indicate, this is a great time to sell. No one can predict how long this seller’s market will last. The inventory levels have not increased as expected keeping competition high for the few active listings. If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property. This will include a recommendation for pricing as well as suggestions for preparing your property for sale. I am reminding sellers that just because this is a seller’s market, we still need to price right. The properties that price slightly below the current market value are receiving multiple over list price offers. The properties that are priced too high are just sitting there with no showings and no offers. Not to be harsh, although it is a great time to sell it is not a time to be greedy. Greedy sellers have property that is just sitting and getting no showings or offers.
What Does This Mean for Mammoth Lakes Area Home Buyers?
With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in. Do you have your financials in order? Do you need a pre-approval letter? I can connect you with lenders who have a proven track record of success in our area. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.
Conclusion
Many have asked if the real estate market is going to crash. Specifically, how is today’s market different than the one that caused the 2008 meltdown. Check out my blog post which directly addresses this question.
Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market. I have created guides to help with both the buying and selling process. You can access the guides on my website:
Ultimate Mammoth Lakes Sellers Guide
Ultimate Mammoth Lakes Buyers Guide
Notes:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *Median price = middle value. This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
- **Total Available excludes properties under contract/pending which have not yet closed.
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 9/30/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $480,000 | $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 | 272 | 387 | 348 | 407 | 304 | 271 | 269 |
After the slow-down in March through May, the data is now reflecting the increase in activity over the last four months. Through September 2020, the median condo price is up nearly 7% over 2019. If we annualize YTD 2020 condos sold, we are on track to sell 7% fewer condos than in 2019. Condos are selling 20% faster than in 2019 (down 14 days).
Single Family Homes
| Through 9/30/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $815,000 | $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 | 85 | 94 | 87 | 95 | 98 | 91 | 85 |
Through September 2020, the median price of single family homes sold is up 6% over 2019. Annualizing YTD 2020 single family homes sold, we are on track to sell 20% more in 2020 as compared to 2019. Single family homes are also selling 22% 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* | $417,500
DOWN from $445,000 in September |
$1,198,000
DOWN from $1,295,000 in September |
| Median Days on Market* | 45
UP from 39 in September |
39
DOWN from 60 in September |
| Total Available March 1** | 42
DOWN from 65 in September |
33
SAME as September |
*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.
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.
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 7/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $464,000 | $450,000 | $402,500 | $349,900 | $299,750 | $305,000 | $292,500 |
| Median* Days on Market | 73 | 84 | 69 | 70 | 117 | 113 | 89 |
| Total Condos SOLD | 139 | 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 45-60 days. Through July 2020, the median condo price is slightly up over 2019 (3%). If we annualize YTD 2020 condos sold, we are on track to sell 60% fewer condos in 2019, but I do not think this trend is accurate as 25% of all condos sold in 2020 were closed in July. Condos are selling 14% faster than in 2019 (down 11 days).
Single Family Homes
| Through 7/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $750,000 | $767,625 | $890,000 | $750,000 | 682,500 | 694,400 | $619,000 |
| Median* Days on Market | 95 | 113 | 113 | 131 | 132 | 165 | 145 |
| Total SF Homes Sold | 51 | 94 | 87 | 95 | 98 | 91 | 85 |
Through July 2020, the median price of single family homes sold is relatively flat (about 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell approximately 8% less compared to 2019, but I think this trend will shift since 24% of the YTD homes sold closed in July. Single family homes are also selling 18% more quickly in 2020 than 2019 (down 18 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* | $421,950
DOWN from $443,500 in July |
$1,162,500
UP from $1,157,000 in July |
| Median Days on Market* | 53
DOWN from 57 in July |
65
UP from 53 in July |
| Total Available March 1** | 94
DOWN from 116 in July |
40
DOWN from 42 in July |
*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.
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 6/30/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $452,500 | $450,000 | $402,500 | $349,900 | $299,750 | $305,000 | $292,500 |
| Median* Days on Market | 89 | 84 | 69 | 70 | 117 | 113 | 89 |
| Total Condos SOLD | 100 | 387 | 348 | 407 | 304 | 271 | 269 |
Through June 2020, the median condo price is relatively flat as compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 51% fewer condo than in 2019, and those that do sell are taking 5% longer (up 7 days). Of course, this trend is not reliable due to the current COVID-19 crisis.
Single Family Homes
| Through 6/30/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $735,000 | $767,625 | $890,000 | $750,000 | 682,500 | 694,400 | $619,000 |
| Median* Days on Market | 126 | 113 | 113 | 131 | 132 | 165 | 145 |
| Total SF Homes Sold | 39 | 94 | 87 | 95 | 98 | 91 | 85 |
Through June 2020, the median price of single family homes sold is slightly up (about 4%) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell approximately 12% less as compared to 2019, and those that do sell are taking 11% longer (up 13 days). Of course, this trend is not reliable due to the current COVID-19 crisis.
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
| Currently Listed | Condos | Single-Family Homes |
| Median Price* | $443,500
UP from $429,000 in June |
$1,157,000
DOWN from $1,190,000 in June |
| Median Days on Market* | 57
DOWN from 82 in June |
53
DOWN from 100 in June |
| Total Available March 1** | 116
UP from 90 in June |
42
UP from 33 in June |
*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.