Active
Volume: 88 (0)
Low: $325,000 (0)
High: $3,800,000 (0)
Average: $1,351,291.70 (+1%)
Median: $992,000 (-3.5%)
Under Contract
Volume: 19 (-5%)
Low: $475,000 (+19%)
High: $3,199,000 (0)
Average: $1,270,599.47 (+5.4%)
Median: $1,150,000 (+18%)
Pending
Volume: 22 (-8.3%)
Low: $450,000 (0)
High: $4,195,000 (0)
Average: $1,085,518.95 (-4.3%)
Median: $724,450 (-7%)
Sold (last 30 days)
Volume: 21 (+11%)
Low: $445,000 (+39%)
High: $2,550,000 (0)
Average: $1,022,655.71 (+11%)
Median: $850,000 (+8.3%)
Average % Difference between List Price and Purchase Price: -3.9%(-44%)
I'm a little torn here. I'm inclined to say that this market appears to be doing well given that there have been increases in the sold inventory and there has been steady inventory. However, it does appear that buyers are getting more aggressive in the negotiations if the gap between the list price and the purchase price are dropping so dramatically.
I'm also intrigued by the fact that we have had the same active, low condo since I started this list 6 weeks ago. It tells me that it is one or both scenarios: buyers are choosier nowadays, entry level buyers are more inclined to rent than own. I definitely see evidence of the later because I have clients and friends who would prefer to rent a large single family house rather than buy a small one bedroom condo.
I think we're seeing a lot of millenials want to hold out for the right place or skip right to their dream home rather than purchase some of these more entry level properties. I don't know that we're seeing as much competition as we are seeing millenials trying to find the right place for themselves. I think this speaks to both comments that buyers are choosier and that potential buyers are more inclined to rent rather than purchase.
There is new inventory being developed all of the time and maybe adding new, different products will continue to have a positive impact on the condo and town home market. It will be interesting to see how those do.
Volume: 88 (0)
Low: $325,000 (0)
High: $3,800,000 (0)
Average: $1,351,291.70 (+1%)
Median: $992,000 (-3.5%)
Under Contract
Volume: 19 (-5%)
Low: $475,000 (+19%)
High: $3,199,000 (0)
Average: $1,270,599.47 (+5.4%)
Median: $1,150,000 (+18%)
Pending
Volume: 22 (-8.3%)
Low: $450,000 (0)
High: $4,195,000 (0)
Average: $1,085,518.95 (-4.3%)
Median: $724,450 (-7%)
Sold (last 30 days)
Volume: 21 (+11%)
Low: $445,000 (+39%)
High: $2,550,000 (0)
Average: $1,022,655.71 (+11%)
Median: $850,000 (+8.3%)
Average % Difference between List Price and Purchase Price: -3.9%(-44%)
I'm a little torn here. I'm inclined to say that this market appears to be doing well given that there have been increases in the sold inventory and there has been steady inventory. However, it does appear that buyers are getting more aggressive in the negotiations if the gap between the list price and the purchase price are dropping so dramatically.
I'm also intrigued by the fact that we have had the same active, low condo since I started this list 6 weeks ago. It tells me that it is one or both scenarios: buyers are choosier nowadays, entry level buyers are more inclined to rent than own. I definitely see evidence of the later because I have clients and friends who would prefer to rent a large single family house rather than buy a small one bedroom condo.
I think we're seeing a lot of millenials want to hold out for the right place or skip right to their dream home rather than purchase some of these more entry level properties. I don't know that we're seeing as much competition as we are seeing millenials trying to find the right place for themselves. I think this speaks to both comments that buyers are choosier and that potential buyers are more inclined to rent rather than purchase.
There is new inventory being developed all of the time and maybe adding new, different products will continue to have a positive impact on the condo and town home market. It will be interesting to see how those do.
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