Sold prices for both single-family homes and condo/townhomes were down further in July across all price points. Single-family home sales prices are down 6.6% year-over-year, while condo/townhomes prices are down 7.2%.
Demand is lower and fewer properties are selling. Year-to-date, single-family home sales are down 0.36% and condo/townhomes are down 9.9%.
Inventory in the under-$2,000,000 market remains exceptionally low at just 1 month. Inventory above $2,000,000 is substantially higher – 4.8 months. Sellers should expect fewer offers, and with lower offer prices. But, at least in the entry-level market, a well-priced property should still receive multiple offers.
|Summary of the Numbers – August 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/ Townhomes||% Change Year-over-Year|
|Median Sales Price||$1,448,333||-6.6%||$729,333||-7.2%|
|Average Days on Market||39||7.3%||42||17%|
|Months of Inventory||2.0||30%||2.0||51%|
|% of List Price Received||97%||-1.0%||100%||-0.3%|
|New Listings (#)||134||-3.2%||38||-0.5%|
|Homes Sold (#)||158||-2.7%||35||-11%|
*Rolling 3-month average compared to the same period the prior year