The single family median home price has surpassed $1.7MM for the first time, representing a year-over-year gain of 33 percent for the month of February. This increase in median sale price occurred while the number of transactions decreased by 11 percent. Tight inventory levels and multiple offer transactions contributed to this dramatic increase in the single family median sale price.
MEDIAN MARKET TIME
Median market time for both condominiums and single family homes remained at about two weeks, with single family homes showing a slight decrease in the number of days, as compared to last year. 83 percent of single family transactions last monthsold in under thirty days. In comparison, 70 percent of condominium transactions sold in under thirty days. The single family market continues to be the more competitive of the two.
MEDIAN SALE PRICE
Condominium values remained flat last month. This time last year, condominiums were actually up 10% year-over-year. Theten-year average appreciation rate measures at 5% for condominiums and 9% for single family homes.
NUMBER OF SALES
The current Months Supply of Inventory for both the single family and condominium sectors measures at about two months, on par with last year. This is compared to about a one month supply at the start of the year and demonstrates the seasonal spring buildup of inventory.
MEDIAN AREA VALUES
*Median Area Values covers Q1 2017 - Q4 2017. The figures are updated quarterly.