When I dip, you dip, WE dip…
Much to my surprise, the average price for a both single family homes and condos took a dip in March.
Single Family Homes sold for an average of $584,526 in March:
Now, that was only a $2,000 decrease from February, and was a $80,633 increase from March of 2015.
Condos also dipped $3,000 to an average sold price of $398,482. That may be a dip from last month, but it is a $55,000 increase in average sold price when we compare it to March of 2015.
The Hard Data:
Single Family Homes:
- Average sold price of $584,526
- Average sales on market = 16
- Average list price to sales price = 106%
- Number of homes sold = 488
- Average sold price of $398,482
- Average sales on market = 17
- Average list price to sales price = 104%
- Number of homes sold = 257
What It All Means:
We have a crisis in regards to the movement of single family homes. The number of sold homes (a strong indicator of the number of available homes for sale) continues to be less than half of historic lows. Until we can see a significant increase in new construction and other single family homes come on the market, we will continue to have rapidly growing prices, homes selling for 3-8% over list price, and very short days on market.