As of September 27, 2018. YoY Percentage Change
The residential market continues to move at a very rapid clip. For the first time in a long time, sellers are receiving multiple offers on properties. What we aren’t seeing in the residential sector is a jump in the average sales price, however. To the contrary, the average sales price has fallen 13% compared to the same time period in 2017. This can be attributed to the fact that home sales in the $500,000 + bracket are down a surprising 24.2%, dragging the average sales price down. Year over year residential sales up to $499,999 currently dominate the market: $250,000-$299,999 increased 12.5%; $300,000-$399,999 increased 58.3%; $400,000-$499,999 increased 60%!
Market stats for the condo market show very positive trends as well. While the number sold decreased 14%, the number under contract is up 15% and the average sales price has climbed a healthy 23%. Great news for sellers!
Land and commercial sales, while not as robust as homes and condos, show signs of recovery and future gains we hope are long lasting. If the dearth of inventory in the residential sector persists, land sales will likely grow.