January 6, 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.
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
Median* Sold Price | $450,000 | $402,500 | $349,900 | $299,750 | $305,000 | $292,500 | $265,000 | $244,000 |
Median* Days on Market | 84 | 69 | 70 | 117 | 113 | 89 | 105 | 123 |
Total Condos SOLD | 387 | 348 | 407 | 304 | 271 | 259 | 345 | 299 |
In 2019 condo prices were up 12% over year-end 2018. Approximately 11% more condos sold in 2019. Those that did sell took 21% longer (up 15 days) to sell than in 2018.
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
Median* Sold Price | $767,625 | $890,000 | $750,000 | $682,500 | $694,400 | $619,000 | $580,000 | $575,000 |
Median* Days on Market | 96 | 113 | 131 | 132 | 165 | 145 | 103 | 181 |
Total SF Homes Sold | 94 | 87 | 95 | 98 | 91 | 85 | 90 | 91 |
In 2019 single family home prices were down approximately 16% from year-end 2018. Approximately 8% more single family homes sold in 2019. Those that did sell sold about 18% faster (down 17 days) than in 2018.
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
Currently Listed | Condos | Single-Family Homes |
Median Price* | $454,900
DOWN from $462,000 in December |
$1,086,000
UP from $1,050,000 in December |
Median Days on Market* | 72
DOWN from 96 in December |
157
UP from 125 in December |
Total Available December 1** | 64
DOWN from 66 in December |
61
DOWN from 64 in December |
*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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