July 1, 2019
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 6/30/19 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
Median* Sold Price | $450,000 | $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 | 169 | 348 | 407 | 304 | 271 | 259 | 345 | 299 |
At the end of the first half of 2019, condo prices are up approximately 12% over year-end 2018. The trend indicates roughly the same number of condos will sell in 2019, and those that do sell are taking 30% longer.
Through 6/30/19 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
Median* Sold Price | $832,500 | $890,000 | $750,000 | $682,500 | $694,400 | $619,000 | $580,000 | $575,000 |
Median* Days on Market | 122 | 113 | 131 | 132 | 165 | 145 | 103 | 181 |
Total SF Homes Sold | 42 | 87 | 95 | 98 | 91 | 85 | 90 | 91 |
At the end of the first half of 2019, single family home prices are down approximately 7% from year-end 2018. The trend for 2019 indicates about the same number of homes will sell in 2019 as in 2018. Those that do sell are taking approximately 8% 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* | $449,250
UP from $439,900 in June |
$949,000
No change from June |
Median Days on Market* | 62
UP from 51 in June |
55
DOWN from 57 in June |
Total Available July 1** | 108
UP from 107 in June |
46
UP from 41 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.
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