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