Summary
Monthly Activity
Condo sales doubled in March compared to February and are up 30% from last year. The additional sales, primarily in the middle price ranges between $125k and $350k, have been a factor in causing inventory to drop 18% compared to last year.
Despite the strong sales activity, average sale price slipped from $250k a year ago to $238k. That drop isn’t necessarily an indication of declining values. It was simply caused by the mix of sold units containing a higher percentage of smaller units than last year. Although average sale price dropped, the average price per square foot was up 5%.
Forty percent of the available listings are newly built 2018 and 2019 units with an average list price of $766k. With 30 months of high-end supply, developers will need to be creative in moving units—a potential opportunity for buyers.
