Over the last 30 days, 197 single family houses were sold, up by 20 houses from last week. The median price is up $4,000 to $580,000. The average house was on the market for 42 days. What we also see when we look more closely is that the median listing price for homes is declining. Instead of pushing the selling prices down, this is having the opposite affect of attracting buyers who feel that they need to make an offer before someone else does. The end result is that the median selling price is rising and homes are selling more quickly. This is a very good example of why setting a realistic asking price is VERY important!In the same time period, 120 condos were sold, up by 8 condos from last week. The median price is down $4,750 to $285,000. The average condo was on the market for 49 days. Unfortunately, the condo market continues to be lethargic. Pricing is fluctuating up and down, but not trending in any direction. If there is a bright spot, it is that the average time on market continues to shorten, hopefully leading to increased demand.
There are now 1,458 houses for sale, up by 62 from last week. Condo inventory has risen by 24 to 852 suites. Inventory continues to rise at a healthy rate as we should see in the spring market.
