As the community has pulled together to support those who were and/or are displaced from their homes, the real estate market has remained resilient, with new, pending and sold listings all remaining within normal ranges for an October period. The one area the market has been affected is single family home monthly rents. They have spiked up about 5-8% since the fire, as landlords take advantage of the increased demand.
Single Family Homes:
October’s median sales price popped up to $720,000. This is the fifth month this year that the median price has been in the 700’s. Prices are up 8.0% year-on-year, on a threemonth rolling average basis.
Inventory is up 9.9% year-on-year to 2.9 months supply. The number of new listings on the market year-to-date is down 10.4% while the number of sales is down less, at 7.7%, keeping the squeeze on supply and still a sellers market.
The median percentage of list price received is at 95%.
The median sold price for condo/townhomes is up 6.3% on a three-month rolling average compared to last year, $405,000 versus $381,000.
In October, the median percentage of list price received popped back up to 100%.
Only three new listings came on the market in October while four were withdrawn, leading to the lowest inventory in over three years, a 0.9 months supply. Overall, there have been more condo/townhomes listings this year than last, up 6.8%, while sales are down 5.5%.