SFR Median Sales Price: $1.27M

Avg. Days on Market: 42.3

% of List price / Sold Price: 109%

The median sales price for condos and single-family homes (SFH) both show substantial appreciation over the last five years. The greater increase, however, occurs with SFH, while the rate for condos leveled off in 2015. The corresponding charts on inventory, closed units and percent of list price received further validate this difference.

The continued rise in prices for single family homes corresponds directly with the decline in inventory over the past six years, which puts a great deal of pressure on the market. Charts for condos tell a different story. Closed units have actually decreased while the inventory has remained steady. In the MLS, the sources for all our charts, condo inventory and closed units don’t include new construction, which, to some extent, explains the decrease in closed units.

Inventory VS Sold: SFH                                                             Inventory VS Sold: CONDO

Here’s one statistic both SFH and condos have in common: percent of list price received. Both have seen a decline of nearly five points, although SFH receive a median of 109.2 percent over list, condos are at 101.5 percent. Among other things, this could simply reflect a difference in pricing strategy.

As is always the case, real estate is incredibly nuanced. What’s true for the City as a whole could be a very different picture in an individual neighborhood. It’s always critical to look at specific data specific to your area, property and the current on-market competition to determine the outlook for a particular home.

Median Sales Price: SFH                                                            Median Sales Price: CONDO

% Sold Price/List Price: SFH                                                  % Sold Price/List Price: CONDO

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