August 3, 2020
Real Estate
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.
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).
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.
Stay up to date on the latest real estate trends.
September 7, 2024
September 6, 2024
Real Estate Education
September 2, 2024
August 26, 2024
Real Estate
August 26, 2024
Buying
August 26, 2024
Real Estate Education
August 17, 2024
Market Update
August 3, 2024
Buying
August 3, 2024
You’ve got questions and we can’t wait to answer them.