Happy August Everyone! I can’t believe that we are here, in the eighth month of the year already! Summer flew by, with signals like kids going back to school, temperatures rising, and traffic is back on the freeways. The real estate market however, is not showing any signs of slowing down as condos performed extraordinarily over the month of July.
Overall, all major indicators are up for the month of July vs. last year. The condo market showed a record-high median price of $425,000, with a 7% increase in number of closed sales and a roughly 4% bump up in average price. Median days on market also plummeted 22% over last year, shortening to 14 days. All indicators of a continuing shortage of housing options, and price-tolerant Buyers.
Single-family homes showed many of the same indicators, with median price up half-a-percent at $750,000, closed sales up 4% and average sales price up 0.3%. Median days on market actually rose up 25% to 20 days, but I wouldn’t be so quick to conclude that this means an overall slow down in turnover.
Like we’ve been talking about over the last few months, months of inventory are down again for both markets. Condos saw a little more than 19% drop vs. last year, while homes dropped 10%. Even though these are historical numbers, the trend continues down indicating a tightening of the overall market. It’s not the hyper-emergency that the news will make it out to be, but it is still a looming sign of tougher roads ahead for Buyers.
Aloha for now,
Nick
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