The June market reflected continued strong demand and low inventory. However, signs are there that the market is shifting/turning, with a lot of negative numbers in year-over-year comparisons.
This could be good news for buyers but inventory will have to rise in the entry-level sector for first-time buyers to really feel a change. The problem is that year-to-date, new single-family home listings are down 14% and condo/loft/TICs are down 20%, while sales are down only 4.6% and 0.9%, respectively. Inventory is not keeping up with demand.
Yet buyers are not driving up prices the way they have over the past 5 years. Single-family home sales eeked out only a 0.8% year-over-year appreciation, while condo/loft/TIC prices declined 0.43%.
While median days on market rose for both single-family homes and condo/loft/TICs, they are still very low. In other words, properties continue to sell very quickly. And, 79% of homes and 59% of condos are still selling above list price.
|Summary of the Numbers – July 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/Loft /TICs||% Change Year-over-Year|
|Median Sales Price||$1,650,000||0.8%||$1,228,333||-0.43%|
|Median Days on Market (DOM)||14||8%||17||16%|
|Months of Inventory||2.2||8%||2.7||-1.2%|
|Percent of Homes Sold Over List Price||79%||-5.6%||59%||-9.9%|
|Median Percent of List Price Received||112%||-5.4%||102%||-2.6%|
|New Listings (#)||215||-20%||289||-20%|
|Homes Sold (#)||213||-4.6%||295||-0.9%|
|Median Sold $/Square Foot||$988||-1.3%||$1,142||0.9%|
*based on a 3-month rolling average