With rising interest rates and fewer buyers during the fall season, sales and sales prices headed down for both single family homes and condominiums. Median sales prices have been bobbing up and down all year and are ending up about where they started in January.
Inventory remains extremely low, especially for condominiums, where it hovers just above one month. In single family homes priced under $1,000,000, it is around 3 months, and jumps up over 5 months for the luxury market of $1,000,000 and above. It still a seller’s market up to the luxury single family homes market, which is slightly a buyer’s market.
The luxury single family homes market ($1,000,000 and above) has cooled slightly, with 2.9% fewer homes sold in 2016 than 2015. On the other hand, the first time homebuyer market under $500,000 is hot, with just 1.6 months of inventory and sales prices averaging 96% of list price.