May 2013 Market Report – House Prices Go Down While Condos Jump Up

The weather is warming up and so is the market. Our just released year-to-date report for May continues to prove this to be true, and can be viewed here: May 2013 Statistics

For the Single Family Home market, the number of sales is up slightly by just over 2%, and new listings are status quo. Slow and steady wins the race right? The median sale price is exactly the same as this time last year, but the average sale price is down significantly from $279,632 to $222,262. The average days on market are about the same: 155 this time last year and 159 this year. Seems like a correction in the market is taking place after rising prices last year, or maybe the lower priced homes are selling?

Condo sales are still looking really great. While there is more inventory this year (up 21% since this time last year) sold listings skyrocketed this month, increasing by a whopping 50%. Sales volume has almost doubled compared to this time last year. The median sale price is up 27% and the average sale price is also up, from $141,174 this time last year to $183,997. Either prices are starting to rise, or higher priced units are selling, good news either way. But while condos are selling for more money, keep in mind that condo prices went down significantly last year, so we are just playing catch up. Plus, it is taking a month longer to sell a condo these days: 159 days now compared to 134 at this time last year.

The end of June marks the start of our busy selling season, so the time is right to price competitively and wait for the offers to roll in. If you’d like an updated Market Analysis on your property, just ask.

Happy Summer and Happy Birthday to me!

Your Realtor,

Joy

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