May 21, 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||$427,250||$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||106||348||407||304||271||259||345||299|
At the end of April 2019, condo prices are up approximately 6% over year-end 2018. Fewer condos are selling so far in 2019 (trending down 8% over 2018) and those that do sell are taking 30% longer to sell.
|Median* Sold Price||$799,000||$890,000||$750,000||$682,500||$694,400||$619,000||$580,000||$575,000|
|Median* Days on Market||140||113||131||132||165||145||103||181|
|Total SF Homes Sold||30||87||95||98||91||85||90||91|
At the end of April 2019, single family home prices are down 11% from year-end 2018. Based on the first four months of 2019, the market is trending to sell about the same number of homes. Those that do sell are taking approximately 25% 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 $469,000 in April
DOWN from $995,000 in April
|Median Days on Market*||55
DOWN from 73 in April
DOWN from 116 in April
|Total Available on May 1**||95
UP from 89 in April
UP from 34 in April
*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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