March 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 eight years of transactions closed and current inventory.
Through 2/28/19 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
Median* Sold Price | $434,500 | $402,500 | $349,900 | $299,750 | $305,000 | $292,500 | $265,000 | $244,000 |
Median* Days on Market | 65 | 69 | 70 | 117 | 113 | 89 | 105 | 123 |
Total Condos SOLD | 45 | 348 | 407 | 304 | 271 | 259 | 345 | 299 |
In summary, condos sold at roughly 15% higher price in 2018 and in about the same amount of time on market as 2017. The total number of condos sold was down approximately 17% in 2018. Although early in 2019, median price is trending up nearly 8%.
Through 2/28/19 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
Median* Sold Price | $799,000 | $890,000 | $750,000 | $682,500 | $694,400 | $619,000 | $580,000 | $575,000 |
Median* Days on Market | 158 | 113 | 131 | 132 | 165 | 145 | 103 | 181 |
Total SF Homes Sold | 13 | 87 | 95 | 98 | 91 | 85 | 90 | 91 |
At the end of 2018, the median price of single-family homes was up 19% over 2017. The median days on market decreased 15% and the total properties sold was down 9%. In summary, fewer single-family homes sold in 2018 – those that did sell moved more quickly and at a higher price. The volume so far in 2019 is not sufficient to identify any trends.
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
Currently Listed | Condos | Single-Family Homes |
Median Price* | $469,000
DOWN from $498,888 in Feb |
$991,500
UP from $988,000 in Feb |
Median Days on Market* | 66
NO CHANGE from Feb |
106
DOWN from 123 in Feb |
Total Available on March 1** | 94
DOWN from 103 in Feb |
38
UP from 37 in Feb |
*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.
December 9, 2024
December 5, 2024
December 1, 2024
December 1, 2024
November 22, 2024
November 13, 2024
November 5, 2024
November 4, 2024
October 25, 2024
You’ve got questions and we can’t wait to answer them.