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 3/31/20 2019 2018 2017 2016 2015 2014 2013
Median* Sold Price $450,000 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500 $265,000
Median* Days on Market 97 84 69 70 117 113 89 105
Total Condos SOLD 77 387 348 407 304 271 259 345

Through the first quarter of 2020, condo prices are flat as compared to 2019. If we annualize first quarter of 2020 condos sold, we are on track to sell 26% fewer condo than in 2019, and those that do sell are taking 15% longer (up to 13 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

Single-Family Homes

Through 3/31/20 2019 2018 2017 2016 2015 2014 2013
Median* Sold Price $780,000 $767,625 $890,000 $750,000 $682,500 $694,400 $619,000 $580,000
Median* Days on Market 139 96 113 131 132 165 145 103
Total SF Homes Sold 25 94 87 95 98 91 85 90

Through the first quarter of 2020, single family home sales are relatively flat (less than 2% variance) as compared to 2019. If we annualize the first quarter of 2020 single family homes sold, we are on track to sell approximately 6% more single family homes than in 2019, and those that do sell are taking 23% longer (up to 26 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* $449,900

DOWN from $472,000 in March

$1,123,000

DOWN from $1,189,000 in March

Median Days on Market* 46

UP from 28 in March

127

DOWN from 129 in March

Total Available March 1** 87

UP from 64 in March

35

DOWN from 47 in March

*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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