In the last 30 days, 113 single family houses were sold, down 24.2% from last week. The median price is up 0.4% to $572,000. The average house was on the market for 59 days, 9 days longer than in my last report. The house hunting activity level of buyers has increased significantly but this has not yet resulted in new sales. However, once again, we see SFH home prices moving up a bit.
In the last 30 days, 90 condos were sold, down 10.0% from last week. The median price is up 0.5% to $286,500. The average condo was on the market for 71 days, 14 days longer than in my last report. The condo market is not as healthy as the SFH home market. Condo prices are generally stable, but the time on market is growing and the number of units sold is shrinking. We may see some softening in condo pricing.
In the last week, the local inventory of single family homes has increased by 5.4% to 1240 homes. Condo inventory has risen by 5.3% to 660 suites. As expected, now that we are past Christmas, there is lots of new inventory coming on the market. We expect inventory to grow for the next 5-6 months.
