Oct. 2019 Market Update
For single family homes, the median price dropped slightly to $780,000, which was a 2.5% decrease from this time last year.
However, sales increased by 12.3% to 347 homes sold.
Days on market is now 23, which is 6 days faster than this time last year.
Months of inventory increased to 3.4 months, which means the number of months needed to sell all of the current inventory of listings at the current absorption rate.
On average, single family home sellers are receiving 98% of their list price, which is 1% higher than this time last year.
For Condos, the median price increased by 13% to $441,000.
Sales increased to 642, which is a 9% increase.
Days on market is slightly higher at 26 days.
Months of inventory increased to 3.8 months from 3 months this time last year.
On average, condo sellers are receiving 98.2% of the list price, which is a half a percent higher than last year.
Overall, we are heading towards a more balanced market, with stable prices and increased inventory. With mortgage rates still low, this represents an opportunity for buyers to get more home for the money.
If you’re thinking of selling, pricing the listing accurately is especially important now, given the increased availability of competing listings. Of course, this depends on the neighborhood, so these are just general observations about the market.