Supply is significantly down from last year, especially in terms of active listings that are not under-contract status. A drop of 12% is not to be sneezed at and makes life hard for most buyers.  The monthly sales rate is very strong, up almost 11% from last year, though this year over year growth is a little less than we saw last month. Surprisingly, we are not seeing the same growth in pending listings or in listings under contract. These are running close to last year’s numbers.

    Pricing continues to advance, though not at any alarming rate. In fact the median sales price is unchanged from last month. This just shows one of the disadvantages of medians - they tend to cluster at round numbers, like $230,000, and resist moving by small amounts. Our more reliable indicator, average $/SF indicates an appreciation rate of 6.1%, better than last month’s 4.8%.  When we examine the monthly sales rate by price range, things get more interesting. Sales are way down under $175,000, dropping by 29%. Above $175,000, sales have grown 20%. The best performing price ranges are:

  • $500,000 to $600,000 - up 40%
  • $350,000 to $400,000 - up 39%
  • Over $3 million - up 38%
  • $1 million to $1.5 million - up 35%
  • $400,000 to $500,000 - up 29%
  • $800,000 to $1 million - up 29%
  • $1.5 million to $2 million - up 29%