Prices dip again in April
Single Family Homes:
The average sold price in April 2016 was $581,943. That was up over 11% from April of 2015, but down about $3,000 from March 2016.
- Total homes sold in March 2016 – 565
- Sold for 106% of list price (same as March)
- Sold, on average, in 14 days (down from 16 days in March)
- Average sales price of $393,646, up 11% from March 2015.
- Total condos cold – 266
- Average days on market – 13 (down from 17 in March)
- Sold for an average of 105% of list price, up from 104% in March
The price dips, although small, have me paying attention. If we see another dip in average sold price next month, and that is combined with lower list price to sales ratio or increased days on market, I will think we are heading into a market of “correction”. That could bring dropping prices.
At this point it is too early to speculate. We still have increasing number of homes sold, short market times and selling for far above list price. Those metrics combined usually indicate a market that is still headed into increasing prices. But I will be watching the market a little bit closer than usual….