Let’s start with Median Sales Prices:
Median prices are down again. Down both compared with last month, and compared with last year. Houses saw a modest 2% decline from 2018, but condos are down 16% since this time last year.
We are seeing a lot more change than the sales price. We saw homes take much longer to sell (30 days in August compared to 21 days in July), and we also saw a decline in the total number of available homes for sale. This is the first time in over 10 years where we see the total inventory start to decline in August. Normally inventory climbs throughout the summer and peaks in September. Currently, we peaked in June this year.
Steep declines in median sales prices continue for condos. We are down 16% annually, and down 5% in just one month. We sold, on average, for 98% of list price, a dip from 99% last month. Surprisingly, we are still selling almost as many condos as we did both last month and last year.
For Sale and Sold:
We have a decline in total houses and condos for sale. That is REALLY unusual. As far back as MLS data goes (10 years), inventory always climbs from March and peaks in September. Softening prices may be causing the unrealistic sellers to take their homes off the market, causing few homes for sale but better overall options (since no one likes an overpriced listing!).