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. Year-to-date, new single-family home listings are down 5.4% and condo/townhomes are down 5.2%, and sales are down 5.3% and 15%, respectively.
Buyers are no longer driving up prices the way they have over the past 5 years. Single-family home sales prices are down 3.4% year-over-year, while condo/townhomes prices are down 1.0%.
While median days on market rose for both single-family homes and condo/townhomes, they are still very low. In other words, properties continue to sell quickly.
Summary of the Numbers – July 2019* | Single Family Residences (SFR) | % Change Year-over-Year | Condo/ Townhomes | % Change Year-over-Year |
Median Sales Price | $1,498,667 | -3.4% | $765,000 | -1.0% |
Average Days on Market | 40 | 19% | 44 | 10% |
Months of Inventory | 2.1 | 37% | 1.8 | 61% |
% of List Price Received | 98% | -1.7% | 100% | -1.0% |
New Listings (#) | 166 | -5.4% | 41 | -5.2% |
Homes Sold (#) | 158 | -5.3% | 37 | -15% |
*Rolling 3-month average compared to the same period last year