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