Summary
Inventory—Available listings levels rose through 2019. January 1st inventory was up 13% from last year.
Closed Units—Entry and lower/mid-priced sales (under $300k) were down in 2019, but over-$300k sales were up by an equal amount. The 3,550 total closed sales were even with the prior year.
Values—While average price and price per square foot were up 4%, some price ranges moved more than others. Price per square foot of homes priced under $150k dropped 1%. The $150k to $300k and $300k to $600 ranges rose 3% and 1%. Sales and values of upper-end homes priced over $600k rose the most—sales were up 13% and values up 6%.
Summary—Entry-level buyers will continue to be challenged in finding move-in-ready homes while inventory and sales shift toward the higher price ranges. Expect prices to continue rising through 2020 at rates similar to 2019.
Inventory—Inventory remained nearly level with the prior year.
Closed Units—2019 closed sales rose by 60 units (7%). There was a big shift in the mix of sales with a big 69-unit increase in sales priced over $400k.
Values—Average sale price rose 7% in 2019. Be careful not to assume values rose that much. The change in sales mix with a 14% decline in under-$150k sales combined with a 72% increase in over-$400k sales caused most of the average price jump. Although there was a big increase in over-$400k sales, price per square foot dropped 7% for that market. Average values rose 4% for condos priced under $150k and about 2% for $150k to $400k sales.
Summary—The number of upper-end sales jumped significantly, yet price per square foot for those sales dropped. Expect continued new development to add units in the higher price ranges. Buyers will continue to face challenges when searching for affordable properties in good condition.
