July 1, 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 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.
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.
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