While sold prices for both single-family homes and condo/townhomes rose slightly in August, they are both still down year-on-year. Single-family home sales prices are down 5.2% year-over-year, while condo/townhomes prices are down 11.1%.
Demand is lower and fewer properties are selling. Single-family home sales are down 6.0% and condo/townhomes are down 9.3%.
However, inventory in the under-$2,000,000 market remains exceptionally low at just 1.4 months, so even though there are fewer buyers, those in the market are competing for very few properties. Therefore, in this entry-level market, a well-priced property is likely to receive multiple offers.
Inventory above $2,000,000 is substantially higher – 4.9 months, up slightly from July. In this market segment, sellers should expect fewer offers and lower offer prices.
|Summary of the Numbers – September 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/ Townhomes||% Change Year-over-Year|
|Median Sales Price||$1,406,000||-5.2%||$687,333||-11.1%|
|Average Days on Market||44||8.2%||50||4.2%|
|Months of Inventory||2.2||39.6%||2.1||40.9%|
|% of List Price Received||97%||-0.7%||98%||-1.3%|
|New Listings (#)||105||-11.2%||34||-5.1%|
|Homes Sold (#)||129||-6.0%||31||-9.3%|
*Rolling 3-month average compared to the same period the previous year