June 11, 2019
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 eight years of transactions closed and current inventory.
|Median* Sold Price||$444,500||$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||149||348||407||304||271||259||345||299|
At the end of May 2019, condo prices are up approximately 10% over year-end 2018. The trend indicates roughly the same number of condos are selling so far in 2019, and those that do sell are taking 30% longer.
|Median* Sold Price||$792,000||$890,000||$750,000||$682,500||$694,400||$619,000||$580,000||$575,000|
|Median* Days on Market||131||113||131||132||165||145||103||181|
|Total SF Homes Sold||32||87||95||98||91||85||90||91|
At the end of May 2019, single family home prices are down 12% from year-end 2018. Based on the first five months of 2019, the market is trending to sell slightly fewer single family homes as compared to 2019 (down 8%). Those that do sell are taking approximately 16% 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|
DOWN from $449,000 in May
No change from May
|Median Days on Market*||51
DOWN from 55 in May
DOWN from 74 in May
|Total Available on May 1**||107
UP from 95 in May
UP from 43 in May
*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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