May 2016 District 5 Market Conditions
District 5’s April numbers continue their strong upwards trend with their highest ever median sales price of $2,287,500. Year-over-year, the median price is up 8.9%.Single Family Home Median PricesPicture1Resale Condo/Loft Median PricesResale Condo-Loft median prices have resumed the downward trend that started last September with a brief uptick in January and February. They dropped 2.3% from March to April, landing at $1,245,000, which is the lowest median sales price since April 2015. They are down 0.4% year-to-date and 9.6% since their peak at $1,377,000 September 2015.Picture2Days on Market – Single Family HomesPicture3While Single Family Homes Days on Market inched up to 17 in April, they are still at historically low numbers.Day on Market for Resale Condo/Lofts dropped from 19 to 16.Days on Market – Resale Condo/LoftsPicture4Months Supply of Inventory – Single Family HomesPicture5Single Family Homes Months Supply of Inventory dropped slightly to 2.4 from March’s 2.5 and up from April, 2015’s 1.7.Resale Condo/Lofts dropped from 1.8 to 1.7 Months Supply of Inventory.Months Supply of Inventory – Resale Condo/LoftsPicture6New Listings – Single Family HomesPicture7This April, there were the same number of new single family home listings as in April, 2015. Over all, there have been 136 new listings in District 5 this year, one fewer than last year.There have been 43 fewer condo/loft listings brought on the market year-to-date in 2016 than 2015. This is a 26% drop. Ant this is the first time in four years that the number of new condo/loft listings was lower in April than March.New Listings – Resale Condo/LoftsPicture8