Real Estate Report presented by Road Runner Realty

After reaching an all-time high last August, the median sales price for single-family, re-sale homes has steadily declined. It was down for the fifth month in a row in January, month-over-month. It was up 4.7% year-over-year.

That’s eighty months in a row the median sales price for homes has been higher than the year before.

The average sales price was down 3.4% from December, but it was up 2.2% year-over-year.

The median sales price for re-sale condominiums was the same as in December, but, it was up 1.8% year-over-year. The average price fell 0.9% from the month before, but, it was up 1.1% year-over-year.

Home sales, meanwhile, were down 11.7% from last January. Condo sales were down 23.3%.

Days on Market, or how long it took from when a home was listed for sale to when it went into escrow, has been increasing. It took forty-seven last month. The average since January 2001 is fifty-seven days. Condos are selling in thirty-nine days, the average is fifty-five days.

The sales price to listing price ratio was 97.8%. The ratio for condos was 98.3%. The National Association of REALTORS® considers a ratio of 95% to indicate a balanced market.

Although inventory continues to be abysmal, it has increased, year-over-year, for the past eleven months in a row. It is still less than one-half the average since 2001. As of the 10th of February, there were 3,894 homes for sale. We average 8,515!

Condo inventory is at 1,709 units for sale. The average is 3,460.

This is reflected in our Days of Inventory statistic which is ninety-nine for homes. The average is one-hundred and forty-four.

There are ninety-five Days of Inventory for condos. The average is one-hundred and thirty-two.

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale and what has sold.