I love statistics. I have been asking the company that does the monthly and quarterly stats to create a attached condo/townhome) monthly market report. The great news is that they did. So from now on, we will have two monthly market reports each month. What is interesting, in the last month, there was and interesting flow of the market. It was going strong until the third week of May and then slowed down some. I feel it was due to all the kids getting out of school and the Memorial Day Holiday. Once we got past that, it picked up again. Some areas and price points are still a little slow. That is why pricing, marketing, and having your Realtor constantly watch what the market is doing is crucial. Lets take a look at the current detached (homes) and attached (condo to town home) market statistics.
Detached Homes Market Statistics - Year-Over-Year
- The number of active homes is slightly higher (+1.5%). Up from 14,232 to 14,439
- Sold properties are much higher (+17.4%) compared to last year
- Total distressed property (short sales and foreclosures) is down (-8.8%) from 19.0% of market in 2014 to 10.2% in 2015
- Month supply of listings is lower (-.6) months from 4.5 to 3.9
- The median sales price over the last three months is (+7.6) higher to $225,000. This is mainly due to lower inventory that is driving the prices
- Median day on market over the last 3 months is higher (+2 days) from 60 to 62 days
Attached Homes Market Statistics - Year-Over-Year
- The number of active homes is slightly lower (-.8%) down from 2,475 to 2,455
- Sold properties are sharply higher (+28.5%) compared to last year
- Total distressed property (short sales and foreclosures) is down (-11.4%) from 18.8% of market in 2014 to 7.4% in 2015
- Month supply of listings is critically low (-.7 or -22.5%)months from 3.1 to 2.4
- The median sales price over the last three months is (+10.1) higher to $175,000. This is mainly due to the critically low inventory that is driving the prices
- Median day on market over the last 3 months is lower (-11.4%) from 44 to 39 days
As you can see, both attached and detached markets are still moving forward. If you own a townhome or condo - this is a great time to sell. With incredibly low inventory, it is fueling higher prices, less days on market, and higher sales prices. It all depends on the areas as well. Ask you Realtor to show you the statistics in your area, especially your community, to see how many are listed and have sold over the last six months. Overall, both markets are moving in the right direction. It is a great time to sell if you are in position to. Call me, I will be glad to talk with you and answer any questions you have.