Indications are that the market is continuing to stabilize after last year’s disruption caused by the pandemic. Single-family homes remain a hot commodity and are receiving multiple offers when priced right. Though down from the recent September peak, the median sold price for single-family homes is up 7.3% year-over-year.
Median sold price for the condo/loft/TIC market is down 1.3% year-over-year but up since the month prior. And while days on market and inventory have risen year-over-year: 22.2% and 25% respectively, this segment has shed significant inventory and prices appear to be stabilizing. January’s 3.5 months of inventory is less than half that of the 8.3 high reached last October. Year-over-year the number of sold units is up.
New listings were down over 24% for all of these property types and interest rates remain at historically low levels. The increased purchasing power and lower inventory is likely to keep upward pressure on sales prices. If you are thinking about buying or selling, contact us today for a complimentary personalized market analysis.