Real Estate Report presented by Neal Hribar

The real estate market continues to soften.

The median sales price for single-family, re-sale homes was down for the fourth month in a row in December, month-over-month. It was up 2.7% year-over-year.

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

The average sales price was down 4% from November, but it gained 1.2% year-over-year.

The median sales price for re-sale condominiums rose 3.8% from November, and, it was up 2.1% year-over-year. The average price rose 5.9% from the month before, and, it was up 4.9% year-over-year.

Home sales, meanwhile, were down 14.8% from last December. Condo sales were down 26.1%.

For the year, home sales were off 10.6%, and condos were down 9.1%.

Homes continue to sell quickly, taking only forty-four days from coming onto the market to when they go under contract. The average since January 2001 is fifty-seven days. Condos are selling in forty days, the average is fifty-five days.

The sales price to listing price ratio was 97.9%. The ratio for condos was 98.4%.

Inventory continues to be abysmal. It is less than one-half the average since 2001. As of the 10th of January, there were 3,314 homes for sale. We average 8,515!

Condo inventory is at 1,475 units for sale. The average is 3,460.

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

There are seventy-two 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.