Archive for August, 2015

Market Leveling Off?

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The median price for single-family, re-sale homes went over $900,000 in February. Then, it proceeded to march straight up to a new record of $1,000,000 In May, where it stayed in June.

In July, the median price dropped back to $965,000. Of course, one month a trend doesn’t make. Yet, reports from the field signal a slowing down in activity.

Sales of single-family, re-sale homes were down slightly in July from June, but managed to eke out a small gain year-over-year.

Active listings actually grew last month and were at their highest level last September. Nevertheless, they were down by double-digits for the fourteenth month in a row. Not just down, but down by over 20%.

Pending sales showed single-digit losses for the sixth month in a row. At a 1.2% loss, that is actually a positive.

The sales price to list price ratio has been over 100% for forty-one months in a row.

Looking at median price market momentum, after peaking in the middle of 2013, it has been pretty flat since the middle of 2014.

There is still an enormous amount of money chasing low inventory.

July Market Statistics

Year-Over-Year

  • Median home prices increased by 12.2% year-over-year to $965,000 from $860,250.
  • The average home sales price rose by 10.4% year-over-year to $1,225,200 from $1,109,490.
  • Home sales rose by 0.8% year-over-year to 1,089 from 1,080.
  • Total inventory* fell 14.1% year-over-year to 2,190 from 2,549.
  • Sales price vs. list price ratio rose by 1.4% year-over-year to 105.4% from 103.9%.

Month-Over-Month

  • Median home prices slipped by 3.5% to $965,000 from $1,000,000.
  • The average home sales price fell by 6.7% to $1,225,200 from $1,313,490.
  • Home sales down by 0.6% to 1,089 from 1,096.
  • Total inventory* increased 0.4% to 2,190 from 2,182.
  • Sales price vs. list price ratio dropped by 1.5% to 105.4% from 106.9%.

Condominiums

Year-Over-Year

  • Median condo prices increased by 21.0% year-over-year to $635,000 from $525,000.
  • The average condo sales price rose by 20.1% year-over-year to $696,489 from $579,740.
  • Condo sales fell by 3.4% year-over-year to 429 from 444.
  • Total inventory* fell 27.7% year-over-year to 656 from 907.
  • Sales price vs. list price ratio rose by 2.9% year-over-year to 106.6% from 103.7%.

Month-Over-Month

  • Median condo prices slipped by 2.5% to $635,000 from $651,000.
  • The average condo sales price fell by 2.9% to $696,489 from $716,991.
  • Condo sales down by 4.2% to 429 from 448.
  • Total inventory* dropped 3% to 656 from 676.
  • Sales price vs. list price ratio dropped by 1% to 106.6% from 107.7%.