September 2, 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 8/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Median* Sold Price | $490,000 | $450,000 | $402,500 | $349,900 | $299,750 | $305,000 | $292,500 |
Median* Days on Market | 70 | 84 | 69 | 70 | 117 | 113 | 89 |
Total Condos SOLD | 187 | 387 | 348 | 407 | 304 | 271 | 269 |
After the slow-down in March through May, the data is starting to reflect the increase in activity over the last 90 days. Through August 2020, the median condo price is up 9% over 2019. If we annualize YTD 2020 condos sold, we are on track to sell 38% fewer condos in 2019, but I do not think this trend is accurate as 45% of all condos sold in 2020 were closed in July and August. Condos are selling 19% faster than in 2019 (down 14 days).
Through 8/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Median* Sold Price | $785,000 | $767,625 | $890,000 | $750,000 | 682,500 | 694,400 | $619,000 |
Median* Days on Market | 92 | 113 | 113 | 131 | 132 | 165 | 145 |
Total SF Homes Sold | 62 | 94 | 87 | 95 | 98 | 91 | 85 |
Through August 2020, the median price of single family homes sold is relatively flat (about 2% variance) as compared to 2019. Annualizing YTD 2020 single family homes sold, we are on track to sell approximately the same number of homes in 2020 as compared to 2019, but I think this trend will shift since 37% of the YTD homes sold closed in July and August. Single family homes are also selling 25% more quickly in 2020 than 2019 (down 21 days).
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
Currently Listed | Condos | Single-Family Homes |
Median Price* | $445,000
DOWN from $421,950 in August |
$1,295,000
UP from $1,162,500 in August |
Median Days on Market* | 39
DOWN from 53 in August |
60
DOWN from 65 in August |
Total Available March 1** | 65
DOWN from 94 in August |
33
DOWN from 40 in August |
*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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